Binance coin price started a strong rally after testing the $25.00 support area. BNB price is currently facing a solid resistance near $32.50 and it might correct lower in the near term.
- Binance coin price climbed higher steadily above the $28.00 and $30.00 resistances.
- There is a major rising channel forming with support near $30.10 on the 2-hours chart.
- BNB price remains well supported near the $30.00 and $29.50 levels.
Binance Coin Price Analysis (BNB to USDT)
After a strong decline, binance coin price found support near the $24.50 level. BNB price started a fresh increase and broke many resistances near the $26.50, $28.00 and $30.00 levels. The recovery gained traction once bitcoin, Ethereum and ripple also recovered nicely in the past few days.
Click to Enlarge Chart
Looking at the 2-hours chart of BNB/USDT, the pair climbed higher steadily and even broke the $30.50 resistance. Moreover, there was a close above the $30.00 level plus the 25 simple moving average (2-hours).
Finally, the price broke the $32.00 resistance and tested a crucial hurdle near the $32.50 level. The bulls failed to push the price further higher and a rejection was noted near the $32.50-$32.60 resistance area.
The price is currently correcting lower below $31.50 plus the 50% Fib retracement level of the last wave from the $29.24 low to $32.65 high. However, the price is currently holding the $30.50 support area.
Moreover, there is a major rising channel forming with support near $30.10 on the same chart. The 61.8% Fib retracement level of the last wave from the $29.24 low to $32.65 high is also acting as a support zone.
If there is a downside break below the channel support, binance coin price could test the $29.50 support level. Any further losses might push the price towards the $28.35 support area.
The overall price action suggests that BNB remains well supported on dips near the $30.00, $29.50 and $28.35 levels. Having said that, it needs to gain bullish momentum to climb above the $32.50 and $33.00 resistance levels.
The market data in the USDT by TradingView, Binance.
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