Binance continues to storm ahead following breaking up above the $10 mark and retesting the 2019 highs. The market has increased a further 9% over the past 24 hours, sending the BNB price up to $11.30 at the time of writing. Against Bitcoin, BNB had recently marked a new all-time high at current level.
Binance is currently ranked in the 9th position as it holds a $1.6 billion market cap value, the highest position for the coin on the top cryptos by market cap.
Looking at the BNB/USD 1-Day Chart:
- Immediately following our previous BNB analysis, we can see that the market had continued to drop to retest support level around $9.30. This area of support includes the significant 21-day EMA.
- Price action has since bounced back and has managed to surge above $10 (again) up to resistance at the short term 1.272 Fibonacci Extension level at $11 (marked in orange).
- From above: If the bulls continue higher above $11.00, the next levels of resistance lie at the $11.27 (current level and medium term 1.618 Fib) and $11.55 (short term 1.414 Fib) resistance levels. Further resistance above is located at $12.00 followed by $12.35 (short term 1.618 Fib).
- From below: The closest support lies at $10.38 and $10.00. Below $10.00 the next support is located at $9.30 and $9.00, as well as the .382 Fibonacci Retracement level at $8.55 (drawn in green).
- The RSI has broken back up above the bullish 50 zone.
- The trading volume has remained consistently high.
Looking at the BNB/BTC 1-Day Chart:
- BNB/BTC had fallen into support around the short term .382 Fibonacci Retracement level at 0.0024409 BTC (drawn in green), following our previous analysis.
- The coin has rebounded from there and managed to break above the previous resistance at the short term 1.414 Fibonacci Extension level located at 0.00280 BTC to its new all-time high.
- From above: The next resistance lies at the 0.0030 BTC level. A break-up can send BNB to higher resistance at the 0.0031 BTC level followed by resistance at the 1.618 Fibonacci Extension level at 0.003260 BTC (drawn in orange).
- From below: The closest support lies at resistance turned support 0.0029 BTC, 0.002687 BTC and 0.00258 BTC. Further support beneath lies at 0.002452 BTC and 0.0023 BTC.
- The RSI is bullish territory above 50.
- The trading volume is relatively high.
Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.