Binance Coin Price Analysis: BNB Holds Strong, Is $40 In Sight?

Binance Coin has seen a period of relative inactivity over the past 30 days, as the coin’s price increased by a meager 4.5% to around $33.23. It reached a fresh ATH last month, nearly hitting $40. BNB has since rolled over but has been holding strong at $32.50 since the beginning of this month.

Binance Coin is currently the seventh-largest cryptocurrency by market value, with a market cap of $4.69 billion. BNB is still up by 460% on the year.

Looking at the BNB/USD 1-day chart:

• Binance Coin found strong support at $32.45 in June. This area of support is further bolstered by the 50-day EMA level, which hovers nearby.
• From above: The nearest levels of resistance lie at $34.20 and $35. Above $35, the next levels of resistance lie at $36.28, $38, $38.53, and at $39.59 – the previous ATH. If the bulls continue above $39.59 and push the price above $40, higher resistance can be found at $42, $42.66, $44.04, and $46.16.
• From below: The nearest levels of support lie at $32.45 and $31.20. Beneath this, the next levels of support are $31 and $30. If the sellers break below $30, lower support lies at $29.22 and $27.91, which contains the 100-day EMA.
• The trading volume has been diminishing in July.
• The Stochastic RSI has been in oversold territory for quite some time now as we wait for the bullish crossover signal to mark a push higher. The RSI itself has also approached the 50 level again, as we wait for a break above to signal that the bulls are in control of the market.

Looking at the BNB/BTC 1-day chart: 

• Toward the end of June, the coin’s price fell below a very long-term consolidation pattern. BNB continued falling against BTC until strong support was found at 0.002756 BTC. It has since rebounded from this area and is trading at 0.002924 BTC.
• From above: The nearest level of resistance lies at 0.0030 BTC. Above this, higher resistance is located at 0.00311 BTC (contains the 200-day EMA) and 0.0032 BTC. If the bulls continue above 0.0032 BTC the next levels of resistance lie at 0.003420 BTC, 0.003556 BTC, 0.003680 BTC, and 0.0040 BTC.
• From below: The nearest level of support now lies at 0.002756 BTC. Beneath this, further support is located at 0.002655 BTC, 0.0026 BTC, 0.0025 BTC, and 0.002265 BTC.
• The trading volume has been slowly falling in this market throughout July.
• The RSI has returned to 50 from oversold. However, for a bullish signal, we will need to wait for the RSI to rise above 50.