Binance coin price surged higher and traded to a new all-time high close to $40.00. BNB price remains in a strong uptrend and it could continue to rise versus USD and bitcoin.
- Binance coin price tested the $40.00 resistance level before correcting lower.
- There are two important bullish trend lines forming with support near $35.50 on the 2-hours chart.
- BNB price is likely to climb above the $38.00 and $40.00 resistances in the near term.
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Binance Coin Price Analysis (BNB to USD)
As discussed in one of the previous analyses, binance coin price gained bullish momentum and tested the key $40.00 barrier. A new all-time high was formed near $40.80 before BNB price corrected lower. Overall, the crypto market, including bitcoin, Ethereum and ripple remain well supported for more gains.
Click to Enlarge Chart
Looking at the 2-hours chart of BNB/USD, the pair surged above the $36.00 and $38.00 resistance levels. There was also a close above the $36.00 level and the 25 simple moving average (2-hours).
Finally, there was a clear break above the $40.00 level and the price traded to a new all-time high was formed near $40.80. Later, it corrected lower sharply below the $38.00 level.
However, the $35.00 support level acted as a strong buy zone. Moreover, there are two important bullish trend lines forming with support near $35.50 on the same chart. The price is currently trading above the $36.00 level plus the 23.6% Fib retracement level of the latest drop from the $40.86 high to $34.77 low.
On the upside, there is a major resistance forming near $38.00 and a bearish trend line. Besides, the 50% Fib retracement level of the latest drop from the $40.86 high to $34.77 low is also near $38.00.
Therefore, if there is a successful close above $38.00, the price is likely to climb above the $38.50 and $39.00 levels. The main hurdle is near the $40.00 level, above which binance coin price could even surpass the last swing high near $40.85 in the coming sessions.
The market data in the USD is calculated by TradingView, Binance.