CHARTED: BINANCE COIN (BNB) RALLIES TO $125, WHY BULLS ARE NOT DONE YET
Binance coin price is up over 50% and it is outperforming bitcoin against the USDT. BNB rallied above USD 100 and USD 125, and it is likely to continue higher.
Binance Coin Price Is Gaining Momentum
In the past few days, bitcoin, Ethereum, ripple, and binance coin remained in a strong uptrend. BNB price broke many hurdles near the $80 and $100 levels.
The price even settled above the $100 level and the 100 simple moving average (4-hours). The recent increase gained pace after there was a break above a declining channel with resistance near $70 on the 4-hours chart of the BNB/USDT pair.
The pair even broke the $120 level and traded to a new all-time high above $125. Recently, there was a break above an ascending channel with resistance near $120 on the same chart. The price is showing a lot of positive signs and it is likely to continue high above USD 130.
Any more gains could open the doors for a steady rise towards the $148 and $150 resistance levels in the near term.
Dips Supported in BNB
If BNB fails to clear the $130 and $132 levels, it could start a downside correction. An initial support is near the $120 level. It is close to the 23.6% Fib retracement level of the upward move from the $104 swing low to $126 high.
The first major support is near the $115 level. It is close to the 50% Fib retracement level of the upward move from the $104 swing low to $126 high. Any more losses may perhaps lead the price towards the $100 support level in the coming days.
4-Hours MACD – The MACD for BNB/USDT is gaining momentum in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USDT is currently well in the overbought zone.
Major Support Levels – $120, $115 and $100.
Major Resistance Levels – $130, $135 and $150.Source