Binance Coin (BNB) Gains 5%, Technicals Indicate Fresh Monthly High Above $24

Aayush Jindal

4 years ago

2 mins read

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Binance coin price is up over 5% and it broke the $23.00 resistance against the USDT. BNB is likely to continue higher and it could even surpass $24.00 and $25.00.

Binance coin price is gaining bullish momentum above the $22.50 resistance against the USDT.
The price is approaching a major hurdle near the $23.80 and $24.00 resistance levels.
There was a break above a major bearish trend line with resistance near $22.25 on the 4-hours chart of the BNB/USDT pair (data source from Binance).
Bitcoin start a fresh increase above $11,500 if BNB rallies further above $24.00.

Binance Coin Price Rising Steadily

After retesting the $21.00 support level, binance coin started a fresh increase. BNB price traded as low as $20.99 and recently climbed above the $21.50 and $22.00 resistance levels.

The upward move was such that the price even surpassed the $22.50 resistance and the 100 simple moving average (4-hours). More importantly, there was a break above a major bearish trend line with resistance near $22.25 on the 4-hours chart of the BNB/USDT pair.

The price is up over 5% and it traded as high as $23.59. It is currently consolidating gains and trading near the $23.15 level. An initial support is near the $23.00 level or the 23.6% Fib retracement level of the recent increase from the $20.99 low to $23.59 high.

Binance coin price trades above $23.00. Source: TradingView.com

The first major support is near the recent breakout zone at $22.50 and the 100 simple moving average (4-hours). The 50% Fib retracement level of the recent increase from the $20.99 low to $23.59 high is also near the $22.29 level.

On the upside, the price is facing a major hurdle near the $23.80 and $24.00 resistance levels. A successful break above the $24.00 resistance could open the doors for a push towards the $25.00 level.

Dips Supported in BNB

If BNB fails to clear the $23.80 and $24.00 resistance levels, it could start a downside correction. An initial support is seen near the $22.50 level (a multi-touch zone).

The main support is near the 100 SMA and $22.20. Any further losses may perhaps push the price back towards the range support zone at $21.00 in the near term.

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 60 level.

Major Support Levels – $23.00, $22.50 and $22.20.

Major Resistance Levels – $23.80, $24.00 and $25.00.

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.

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