Binance coin price surged more than 6% today and broke the $20.60 resistance area. Bitcoin’s positive sentiment helped BNB price in gaining strength and it may continue to rise towards $21.50 or $22.00.

  • Binance coin traded to a new 2019 high above $21.00 and it looks set for more gains.
  • There was a break above a crucial declining channel with resistance at $18.55 on the 2-hours chart.
  • BNB price formed a bullish continuation pattern and recently climbed above the $21.00 resistance.

Binance Coin Price

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Binance Coin Price Analysis (BNB to USD)

After testing the $20.60 level, binance coin started a downside correction below the $20.00 and $18.50 support levels. BNB even broke the $17.00 level to move into a short term bearish zone. However, the $16.50 area acted as a strong support and later the price bounced back above $17.00.

Binance Coin Price Analysis BNB Chart

Click to Enlarge Chart

Looking at the 2-hours chart of BNB/USD, the pair traded as low as $16.46 and later formed a strong support base above $17.00. Finally, there was a steady upward move above the $18.00 resistance and the 25 simple moving average (2-hours).

More importantly, there was a break above a crucial declining channel with resistance at $18.55 on the same chart. The price settled above the $18.50 level and later climbed above the $19.00 level.

Binance coin price surpassed the 76.4% Fib retracement level of the last drop from the $20.66 high to $16.46 low. There was also a bullish continuation pattern formed with resistance near $20.00. The bulls gained momentum in the past few hours, pushing the price above the $20.00 and $20.50 resistance levels.

Besides, the price broke the last swing high near $20.60 and traded to a new 2019 high above $21.00. The next important resistance is near $21.65 since it represents the 1.236 Fib extension level of the last drop from the $20.66 high to $16.46 low.

Above $21.65, BNB price is likely to surge higher and challenge the $24.00 and $25.00 resistance levels. Today, bitcoin price climbed higher above $5,250 and it seems like the crypto market sentiment improved for Ethereum, ripple, litecoin, bitcoin cash, EOS, cardano, and a few others.

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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