Binance coin price corrected sharply after trading to a new 2019 high near $25.80. BNB corrected lower towards a crucial support area near $21.40 and it is likely to bounce back.

  • Binance coin corrected below the $23.50 support and tested the key $21.40 support area.
  • There is a major bullish trend line forming with support at $21.50 on the 2-hours chart.
  • BNB price is likely climb higher as long as it is above $21.40 and $20.00.

Binance Coin Price

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Binance Coin Price Analysis (BNB to USD)

This past week, we saw a strong rise in binance coin price above the $20.00, $22.00 and $24.00 resistance levels. BNB price even broke the $25.00 level and traded to a new 2019 high near the $25.80 level before starting a downside correction.

Binance Coin Price Analysis BNB Chart

Click to Enlarge Chart

Looking at the 2-hours chart of BNB/USD, the pair traded as high as $25.83 and recently corrected below the $23.50 support level. The price declined below the 50% Fib retracement level of the last wave from the $18.66 low to $25.83 high.

There was even a close below the $23.00 level and the 25 simple moving average (2-hours). However, the price found a strong buying interest near the $21.40-21.50 support area.

Besides, the 61.8% Fib retracement level of the last wave from the $18.66 low to $25.83 high also prevented additional losses. More importantly, there is a major bullish trend line in place with current support at $21.50 on the same chart.

Therefore, binance coin price could bounce back in the short term towards the $23.00 resistance. The next resistance is near the $23.50 level and the 25 simple moving average (2-hours). Having said that, a close above the $24.00 level and connecting bearish (with current resistance at $24.15) is must for a fresh rally above $25.00.

If there are additional losses similar to Ethereum, ripple, litecoin, bitcoin cash and cardano, BNB could test the next major support near the $20.00-20.20 area (the previous resistance zone). Overall, the price is likely to bounce back as long as it is trading above the $21.40 and $20.20 supports.

The market data in the USD is calculated by TradingView, Binance.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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