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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Charted: Binance Coin (BNB) Rallies To $125, Why Bulls Are Not Done Yet

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Binance Coin (BNB)

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Binance coin price is up over 50% and it is outperforming bitcoin against the USDT. BNB rallied above USD 100 and USD 125, and it is likely to continue higher.

  • Binance coin price is gaining bullish momentum above the $120 level against the USDT.
  • The price is up over 50% and it traded to a new all-time high near $126.
  • There was a break above an ascending channel with resistance near $120 on the 4-hours chart of the BNB/USDT pair (data source from Binance).
  • There are chances of more upsides above the $130 and $140 levels in the near term.

Binance Coin Price Is Gaining Momentum

In the past few days, bitcoin, Ethereum, ripple, and binance coin remained in a strong uptrend. BNB price broke many hurdles near the $80 and $100 levels.

The price even settled above the $100 level and the 100 simple moving average (4-hours). The recent increase gained pace after there was a break above a declining channel with resistance near $70 on the 4-hours chart of the BNB/USDT pair.

Binance Coin (BNB)

The pair even broke the $120 level and traded to a new all-time high above $125. Recently, there was a break above an ascending channel with resistance near $120 on the same chart. The price is showing a lot of positive signs and it is likely to continue high above USD 130.

Any more gains could open the doors for a steady rise towards the $148 and $150 resistance levels in the near term.

Dips Supported in BNB

If BNB fails to clear the $130 and $132 levels, it could start a downside correction. An initial support is near the $120 level. It is close to the 23.6% Fib retracement level of the upward move from the $104 swing low to $126 high.

The first major support is near the $115 level. It is close to the 50% Fib retracement level of the upward move from the $104 swing low to $126 high. Any more losses may perhaps lead the price towards the $100 support level in the coming days.

Technical Indicators

4-Hours MACD – The MACD for BNB/USDT is gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USDT is currently well in the overbought zone.

Major Support Levels – $120, $115 and $100.

Major Resistance Levels – $130, $135 and $150.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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