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 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.
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.