Binance Coin Price Analysis: BNB Breaks Above $30, Are Bulls Back In Town?

  


Binance Coin has marked an increase of 26% over the past 3 days, bringing its price back up above $30 to where it currently trades at $30.50. The cryptocurrency had been suffering after dropping by a total of 17% over the past 30 days, however, the bounce at the $25.18 support level allowed BNB to get back onto the bullish track.

BNB has now moved into the 6th largest cryptocurrency with a market cap of $4.72 billion.

  • Since our previous BNB analysis, BNB continued to drop beneath the support at the $28.90 level to find lower support at $25.18. We expected it that level to be strong support because it had provided strong resistance for the market during April and May 2019. The recent price bounce also allowed BNB to break above the 100 days EMA.
  • From above: The nearest levels of resistance lie at $31.49 and $32.45. Above this, higher resistance is located at $34, $35, $36.28, and $38.55. If the bulls can break above $38.55, the next level of resistance is found at $40 at which point they will be creating a fresh ATH. 
  • From below: The nearest levels of support lie at $30 and $28.30 (contains 100 days EMA). Beneath this, further support lies at $28.89, $26.44, and $25.18.
  • The trading volume has seen a large surge in the past few days.
  • The RSI has battled its way from oversold conditions as it now attempts to break back above the 50 level to signal that the bulls are in control of the market momentum.

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  • Against Bitcoin, we can see that BNB has somewhat stabilized around the 0.0026 BTC level. BNB has since started to slowly grind higher to reach where it currently trades at 0.00288 BTC.
  • From above: The nearest level of resistance lies at 0.003 BTC. Above this, higher resistance lies at 0.003111 BTC, which is further re-enforced by the 200 days EMA. If the bulls break above the 200 day EMA, the next level of resistance lies at 0.0032 BTC, 0.0033 BTC, and 0.003419 BTC.
  • From below: The nearest level of support lies at 0.002756 BTC. Beneath this, further support is at 0.002655 BTC and 0.0026 BTC. If the sellers continue to drive BNB/BTC beneath 0.0025 BTC, the next levels of support are found at 0.002493 BTC, 0.0023 BTC, and 0.002265 BTC.
  • The trading volume has also seen a surge, creating fresh highs in the daily trading volume this year.
  • The RSI in this market has also approached the 50 level as the bulls attempt to regain control of the market momentum.

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