Binance coin price found strong support near the $18.50 level and bounced back sharply. BNB price is currently above $22.00 and it looks set for a fresh increase towards $25.00.

  • Binance coin found support near $18.50 after a strong downside correction.
  • There was a break above a crucial bearish trend line with resistance near $21.82 on the 4-hours chart.
  • BNB price is back in a positive zone and it could even revisit the $25.00 resistance area.

Binance Coin Price

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Binance Coin Price Analysis (BNB to USD)

After the crucial security breach, binance coin declined heavily and broke the $22.60 and $20.00 support levels. However, BNB found a strong support near $18.50 (as discussed in the last binance coin price prediction).

Binance Coin Price Analysis BNB Chart

Click to Enlarge Chart

Looking at the 4-hours chart of BNB/USD, the pair traded as low as $18.30, but it stayed above the $18.50 support level. More importantly, the recent bounce in bitcoin, Ethereum, bitcoin cash, ripple and litecoin helped BNB in staging a strong comeback.

It jumped above the $20.00 resistance and the 25 simple moving average (4-hours). Besides, it broke the key $21.30 resistance and the 50% Fib retracement level of the last drop from the $25.36 high to $18.30 low.

Finally, there was a break above a crucial bearish trend line with resistance near $21.82 on the same chart. It opened the doors for further upsides and the price is now trading above the $22.50 level.

It tested the 76.4% Fib retracement level of the last drop from the $25.36 high to $18.30 low, and is currently consolidating gains.

In the short term, there could be a short term downward move, but the price is likely to find support near $22.60 or $22.20. On the upside, a clear break above the $23.80 level could set the pace for a push towards the $25.00 and $25.30 resistance levels.

Overall, binance coin is back in a positive zone and the recent rally in BTC is helping BNB in gaining bullish momentum. Therefore, there are high chances of a fresh rise towards $25.00 or even $26.00.

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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