Charted: Binance Coin (BNB) Trades To Record High At $175, $200 Still Possible

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Binance <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin price is up over 20% and it is outperforming bitcoin against the USDT. BNB rallied above $150 and traded to a new all-time high at $176.

  • Binance <a class="wpg-linkify wpg-tooltip" title="

    Coin

    A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

    » Read more

    ” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin price is gaining bullish momentum above the $150 level against the USDT.

  • The price is up over 20% and it traded to a new all-time high near $176.
  • There was a break above a major bearish trend line with resistance near $130 on the 4-hours chart of the BNB/USDT pair (data source from Binance).
  • There could be a short-term downside correction, but the bulls are likely to protect $150.

Binance <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>Coin Price Rallies 20%

In the past few days, bitcoin, Ethereum, and binance <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin extended their gains. BNB price formed a support base above the $120 level and started another strong upward move.

The price cleared the $150 resistance level and settled well above the 100 simple moving average (4-hours). There was also a break above a major bearish trend line with resistance near $130 on the 4-hours chart of the BNB/USDT pair.

The pair rallied over 20% and it even spiked above the $175 level. A new all-time high is formed near $176 and the price is currently consolidating gains. It is testing the 23.6% Fib retracement level of the upward move from the $126 swing low to $176 high.

Binance Coin (BNB)

Source: BNBUSDT on TradingView.com

The next major support is near the $150 zone (the recent breakout zone). It is close to the 50% Fib retracement level of the upward move from the $126 swing low to $176 high.

Therefore, dips towards the $150 level could find a strong buying interest in the near term. Any more losses may possibly open the doors for a push towards the $125 support level.

More Upsides in BNB?

If BNB remains stable above $150, it could continue to rise. An initial resistance on the upside is near the $175 zone or the $176 high.

A clear break above $175 and $176 is likely to clear the path for another 10%-15% rally. In the stated case, the price is likely to hit the $200 level in the coming sessions.

Technical Indicators

4-Hours MACD – The MACD for BNB/USDT is gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USDT is currently well in the overbought zone.

Major Support Levels – $160, $150 and $125.

Major Resistance Levels – $175, $180 and $200.

Via: https://www.newsbtc.com

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