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Binance coin price declined sharply after it banned the US customers from their main exchange. BNB price tested the key $30.00 support area and recently bounced back versus USD and bitcoin.

  • Binance coin price remained well bid above the $30.00 level and recovered above $34.00.
  • There is a crucial bullish trend line forming with support near $32.50 on the 2-hours chart.
  • BNB price remains in an uptrend and it could make another attempt to surpass $35.00.

Binance Coin Price

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Binance Coin Price Analysis (BNB to USD)

There was a sharp decline in binance coin price after the exchange banned all the US customers from their main exchange and announced a separate exchange. BNB price declined heavily, but positive moves in bitcoin, Ethereum and ripple helped BNB in finding bids near the $30.00 area.

Binance Coin Price Analysis (BNB to USD)

Click to Enlarge Chart

Looking at the 2-hours chart of BNB/USD, the pair declined heavily after it failed to clear the $36.50 resistance area. It broke the $32.00 support area, but the $30.00 support acted as a strong buy zone.

As a result, the price bounce back above $32.50, $34.00 and the 25 simple moving average (2-hours). It even broke the $35.00 level, but recently struggled near the $35.40 area.

It is currently correcting lower and testing the $34.50 support plus the 23.6% Fib retracement level of the latest upward move from the $31.60 low to $35.43 high.

On the downside, there are many supports near the $33.50 and $32.50 levels. The 50% Fib retracement level of the latest upward move from the $31.60 low to $35.43 high is also near the $33.50 level to act as support along with the 25 simple moving average (2-hours).

Moreover, there is a crucial bullish trend line forming with support near $32.50 on the same chart. Therefore, as long as the price is above $32.50, it remains in an uptrend.

On the upside, an initial resistance for binance coin price is near $35.50, above which it could revisit the $36.50 area. The next main resistance for BNB is near the $38.00 zone, above which it could test $40.00.

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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