Author:
- Binance Coin is still trading well above weekly support across trading pairs
- The intraday trading looks bullish for BNB despite Bitcoin’s drop
- Bulls continue to show strong commitment against BTC.
BNB/USD: BNB Charts 6% Gains As Bullish Sentiment Remains Strong
Key Resistance Levels: $26, $30
Key Support Levels: $22, $19
Over the past few hours, the cryptocurrency market has seen a mild bearish movement due to the 6% drop in Bitcoin’s price. Binance Coin is not much affected by this surge. While most of the top crypto projects saw a slight downturn, Binance Coin has continued to remain bullish over the past hours.
BNB price is currently up by 5.84% against the US Dollar and, at the same time, trading around $24.3 at the moment. BNB fell slightly from $26.4 today. However, we can expect the price to bounce back if the bulls can handle the ongoing negative sentiment in the market.
Binance Price Analysis
Following the latest market sentiment, Binance Coin is still displaying a bullish sign on the daily chart. Last week, BNB surged out from a robust bearish zone after remaining trapped in a channel for months. This surge was characterized by a three bullish candle that pushed BNB price to the blue channel’s resistance at $22.
After dropping slightly to $20.8 over the weekend, BNB rebounded and broke above the rising blue channel yesterday. The bullish pressure reached $26.4 today before the market saw a sudden price drop to $22.8.
At $24, if the buyers can reclaim $26, BNB is likely to resume buying pressure towards $30 and beyond. Otherwise, a drop below the daily low (22.8) could cause a dip into the grey support area of $22 and $19. This might allow BNB to trade back in the blue channel. However, the intraday trading looks indecisive at the moment.
BNB/BTC: BNB Remains Bullish Despite Sharp Drop In Bitcoin’s Price
Despite the latest drop in Bitcoin’s price, Binance Coin has continued to gain momentum against the Bitcoin pair. With about 8.58% growth over the last 24-hours trading, BNB is now changing hands at around 0.00247SAT price level.
Binance Coin doesn’t seem majorly affected by the recent surge in Bitcoin’s price. But looking at the daily chart, we can see that the negative impact reflected a bit on the BNB/BTC pair. The sharp rejection from 0.0026SAT level is an accurate but mild reflection of what recently happened in the market compared to other top cryptocurrencies.
This sentiment may last for a while if the bulls fail to stay on top of the game. As of the time of writing, BNB is still looking strongly bullish on the daily chart.
Binance Coin Price Analysis
Binance Coin started to form a slow upward movement after locating support at 0.0017SAT level in early January. The bullish scenario became significant following a surge above the whit-dotted descending trend line – 0.0020SAT level on February 6. This surge was followed by a series of highs (a 30% gains) that made BNB price to hit 0.0026SAT level today.
A sharp rejection at the level mentioned above has dropped BNB price to 0.00247SAT level. Meanwhile, there’s close support at 0.00237SAT – right on the grey area. Below this support is 0.0021SAT level.
In case the bulls manage to reclaim the 0.0026SAT resistance level, we can expect the next level of resistance to come at 0.0027SAT, followed by a psychological resistance of 0.0030SAT level – the red areas on the daily chart. BNB is currently deciding on the next significant move around the November 2019 high of 0.00247SAT.
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Cryptocurrency charts by TradingView.
