CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$22,868.00
  • ethereum
    ETH$1,571.18
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Binance Coin Price Analysis: BNB Gains 6% Despite Latest Bitcoin Pullback

    Binance Coin Price Analysis: BNB Gains 6% Despite Latest Bitcoin Pullback

    Author: Michael Fasogbon

    Last Updated Feb 10, 2020 @ 12:39
    • 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

     

    bnbusd_chart
    BNB/USD. Source: TradingView

     

    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

    bnbbtc_chart
    BNB/BTC. Source: TradingView

    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.

     

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.


    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.
    Tags: Binance Coin (BNB) Price
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Michael Fasogbon
    More posts by this author

    Michael is a professional trader and cryptocurrency technical analyst with many years of trading experience. He became passionate about cryptocurrencies and blockchain technology through his sister and has since been following the industry

  • bitcoin
    BTC$22,868.00
  • ethereum
    ETH$1,571.18
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    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. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!