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.
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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.
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.