Charted: Binance Coin (BNB) Rally Reaches Crucial Juncture, Why It Could Test $40

Aayush Jindal

Last Updated: June 11, 2024 2:12 pm

2 mins read

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Binance coin price is up over 7% and it is outperforming bitcoin against the USDT. BNB could rally further if it clears the $35.50 resistance zone in the near term.

Binance coin price is gaining bullish momentum above the $32.00 resistance against the USDT.
The price is testing a major hurdle near $35.50 and the previous swing high.
There was a break above a crucial bearish trend line with resistance near $28.00 on the 4-hours chart of the BNB/USDT pair (data source from Binance).
Bitcoin price is consolidating above $23,000 and it could continue to rise.

Binance Coin Price Showing Positive Signs

In the past few days, bitcoin, Ethereum, ripple, and binance coin started a sharp increase. BNB price formed a support base near $26.60 before starting a strong increase.

There was a break above a crucial bearish trend line with resistance near $28.00 on the 4-hours chart of the BNB/USDT pair. The pair gained pace above the $30.00 level and the 100 simple moving average (4-hours). There was also a break above the 61.8% Fib retracement level of the downward move from the $35.49 high to $26.67 low.

BNB is now trading above the $35.00 level, with a bullish angle. It is now testing a major resistance near $35.50 and the previous swing high.

Source: BNBUSDT on TradingView.com

If there is a clear break above the $35.50 resistance, there could be a sharp increase. The next major resistance is near the $37.50 level. It is close to the 1.236 Fib extension level of the downward move from the $35.49 high to $26.67 low.

The next major stop for the bulls could be near the $40.00 level. Any more upsides might be limited in the short term unless bitcoin clears the $25,000 level.

Dips Supported in BNB

If BNB fails to clear the $35.50 and $35.60 resistance levels, it could start a downside correction. An initial support is near the $34.50 level.

The first major support is near the $32.00 level, below which the price might extend its decline. In the stated case, the price could revisit the $30.00 support zone.

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 above the 50 level.

Major Support Levels – $34.50, $32.50 and $32.00.

Major Resistance Levels – $35.50, $37.50 and $40.00.

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.
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