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    Home » Crypto News » The Altcoin of 2019: Binance Coin Records Another All-Time High At $30. What Are The Next Targets? BNB Price Analysis

    The Altcoin of 2019: Binance Coin Records Another All-Time High At $30. What Are The Next Targets? BNB Price Analysis

    Author: Yaz Sheikh

    Last Updated Dec 18, 2019 @ 14:36

    Binance Coin has seen another price increase, which totals around 8% over the past 24 hours of trading (as of now), BNB had even managed to reach $29.83 early today, creating a new all-time high, before the bullish pressure started to fade away.

    After an extraordinary price explosion totaling 230% over the past 90 days, Binance Coin remains in the 7th place amongst the top cryptocurrency projects by market cap as it currently holds a $4.11 billion market cap.

    Looking at the BNB/USD 1-Day Chart:

    • Against the US Dollar, we can see that since our previous BNB/USD analysis, Binance Coin has continued to gain momentum above the $21 support level and increased to where it is currently trading around $29.
    • From above: The nearest level of resistance now lies at the $30 psychological resistance level. Above $30, we can expect further resistance at $31.30 and $34.31, which is provided by the medium term 1.272 and 1.414 Fibonacci Extension levels. If the buyers continue above $35, we can expect further resistance at $36.
    • From below: The nearest level of support now lies at $28 and $26. Further support lies at $25.18, $24.16, $22.67 and $21.69.
    • The trading volume has managed to remain consistently high during May 2019 as the buyers continue their bullish momentum.
    • The Stochastic RSI has now reached overbought conditions which could suggest that a pullback may take place over the next few days to give the buyers a little break. This is further confirmed by the RSI as it trades in the overbought territory.

    bnbusd_may19-min

    Looking at the BNB/BTC 1-Day Chart:

    • Against Bitcoin, we can see that BNB/BTC continued to rebound from the support of 0.00277 BTC which was provided by the 200-days EMA. BNB has now rebounded higher up to the significant resistance at the 0.004 BTC level (highest level so far today).
    • From above: The nearest levels of resistance lie at 0.0038 BTC and 0.0040 BTC. Higher resistance at 0.004398 BTC, 0.004613 BTC and 0.0048 BTC (BTC all-time high).
    • From below: The nearest level of support now lies at 0.0035562 BTC. Beneath this, more support lies at 0.003420 BTC, 0.003188 BTC, and 0.003 BTC.
    • The trading volume for BNB/BTC has also increased during May 2019.
    • The Stochastic RSI has now also reached overbought territory which could suggest that a retracement might take place soon before the coin continues further higher.

    bnbbtc_may19-min

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    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
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    About The Author

    Yaz Sheikh
    More posts by this author

    Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

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