Binance Coin has experienced a small price increase of 2% over the past 24 hours, and it’s currently trading at around $28.07. This slight uptick comes after Binance Launchpad completed its seventh IEO, WINk, which provided its investors with a maximum ROI of around 800%.
Binance Coin remains the sixth-largest cryptocurrency by market value with a market cap of $4.36 billion. The cryptocurrency has had a rough month, as its price has declined by around 16% over the past 30 days. However, it seems that the bulls could be ready to turn things around and push higher.
Looking at the BNB/USD 1-day chart:
- After our previous BNB analysis, the market went on to reverse at our expected level of resistance at $31.49. After rolling over at this resistance, BNB pulled back to find support at the $26.44 level, provided by a short-term .618 Fib retracement. This area of support is also bolstered by a long-term rising trend line.
- From above: BNB is facing very strong resistance at $28 which is provided by the 100-day EMA. The market will require significant strength in order to break above it. If the bulls continue beyond $30, higher resistance is found at $31.49, $32.45, $34, $35, and $36.28.
- From below: The nearest level of support lies at $26.44, which is bolstered by the rising support trend line. Beneath this, further support lies at $25.18, $24.06, and $22.85.
- The trading volume has started to pick up over the past couple of days.
- The RSI has returned to the vicinity of the 50 level as the bulls have attempted to gain control. Furthermore, the Stochastic RSI has produced a bullish crossover signal, which helps the bulls’ case.
Looking at the BNB/BTC 1-day chart:
- Trading against Bitcoin, BNB was unable to overcome the resistance at 0.003 BTC. It spiked slightly higher toward 0.003111 BTC but met resistance at the 200-day EMA which caused the market to fall. BNB recently found support at 0.002750 BTC.
- From above: The nearest levels of resistance lie at 0.003 BTC and 0.003111 BTC. If the bulls can break above here, higher resistance lies at 0.0032 BTC (further bolstered by the 100-day EMA). Beyond 0.0032 BTC, we can expect more resistance at 0.003219 BTC, 0.00355 BTC, and 0.003680 BTC.
- From below: The nearest level of support lies at 0.002750 BTC. Beneath this, support is located at 0.002655 BTC, 0.002482 BTC, 0.002265 BTC, and 0.0022 BTC.
- The trading volume trailed off toward the end of July, but it looks like it may start to increase once again.
- The RSI is making its way toward 50, which shows that the selling pressure is diminishing. However, the RSI needs to break above 50 for the bulls to reclaim their momentum.
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Cryptocurrency charts by TradingView.