Binance coin price remained in a strong uptrend above the $24.00 and $26.00 levels. BNB price recently traded to a new high above $30.00 and it is likely to continue higher in the near term.
- Binance coin price traded to a new all-time high above $30.00 and it is currently consolidating.
- There is a crucial bullish trend line forming with support near $27.00 on the 2-hours chart.
- BNB price remains well bid near $27.00 and it is likely to rally further above $27.00.
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Binance Coin Price Analysis (BNB to USD)
After a daily close above the $20.00 and $22.00 levels, binance coin price climbed higher steadily above the $25.00 resistance area. The recent rise in bitcoin, Ethereum and ripple also sparked more upsides in BNB above the $27.00 and $28.00 levels.
Click to Enlarge Chart
Looking at the 2-hours chart of BNB/USD, the pair traded to a new all-time high above $30.00 and recently started a short term downside correction.
There was a break below the $29.20 support and the 23.6% Fib retracement level of the latest upward move from the $22.69 low to $30.41 high. The price is currently trading near the $28.50 level and the 25 simple moving average (2-hours).
On the downside, there is a strong support formed near $27.00. There is also a crucial bullish trend line in place with support near $27.00 on the same chart. Moreover, the 50% Fib retracement level of the latest upward move from the $22.69 low to $30.41 high is near the $26.55 level to act as a support.
Therefore, the price remains well bid near the $27.00 and $26.50 levels. If there is a downside break below the $26.50 support area, there is a risk of an extended drop below the $25.60 support.
The next key support is at $24.50 plus the 76.4% Fib retracement level of the latest upward move from the $22.69 low to $30.41 high. Conversely, if the price stays above the $27.00 and $26.50 support levels, it is likely to bounce back.
An initial resistance is near the $30.00 level, followed by the $30.40 swing high. A successful break above the $30.40 swing high could push binance coin towards the $32.00 or even $32.50 level.
The market data in the USD is calculated by TradingView, Binance.