Charted: Binance Coin (BNB) Trades To Record High At $175, $200 Still Possible

Aayush Jindal

1 year ago

2 mins read

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Binance coin price is up over 20% and it is outperforming bitcoin against the USDT. BNB rallied above $150 and traded to a new all-time high at $176.

Binance coin price is gaining bullish momentum above the $150 level against the USDT.
The price is up over 20% and it traded to a new all-time high near $176.
There was a break above a major bearish trend line with resistance near $130 on the 4-hours chart of the BNB/USDT pair (data source from Binance).
There could be a short-term downside correction, but the bulls are likely to protect $150.

Binance Coin Price Rallies 20%

In the past few days, bitcoin, Ethereum, and binance coin extended their gains. BNB price formed a support base above the $120 level and started another strong upward move.

The price cleared the $150 resistance level and settled well above the 100 simple moving average (4-hours). There was also a break above a major bearish trend line with resistance near $130 on the 4-hours chart of the BNB/USDT pair.

The pair rallied over 20% and it even spiked above the $175 level. A new all-time high is formed near $176 and the price is currently consolidating gains. It is testing the 23.6% Fib retracement level of the upward move from the $126 swing low to $176 high.

Source: BNBUSDT on TradingView.com

The next major support is near the $150 zone (the recent breakout zone). It is close to the 50% Fib retracement level of the upward move from the $126 swing low to $176 high.

Therefore, dips towards the $150 level could find a strong buying interest in the near term. Any more losses may possibly open the doors for a push towards the $125 support level.

More Upsides in BNB?

If BNB remains stable above $150, it could continue to rise. An initial resistance on the upside is near the $175 zone or the $176 high.

A clear break above $175 and $176 is likely to clear the path for another 10%-15% rally. In the stated case, the price is likely to hit the $200 level in the coming sessions.

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 – $160, $150 and $125.

Major Resistance Levels – $175, $180 and $200.

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.

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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.