Binance Coin Price Analysis: BNB Facing $30, New Highs Coming Up?

  


Binance Coin has been battling the $30 level and currently trades at a price of $29.98. The cryptocurrency’s price has seen a 7% increase over the past 7 days, allowing it to climb above the 100-day EMA. BNB’s next target lies at $30.

BNB remains the sixth-largest cryptocurrency by market value with a market cap of $4.66 billion. The cryptocurrency has shown signs that it is ready to start another move up, provided that $30 is broken pretty quickly.

Looking at the BNB/USD 1-day chart:

  • Since our previous BNB analysis, the highlighted resistance at $31.50 proved too strong for the bulls to overcome. The market has rolled over at this level, dropping to $29.98.
  • From above: The nearest level of resistance lies at $30 and then at $31.50. If the bulls can break above $30, higher resistance lies at $32.45, $33.29, $34.20, and $35.50. Resistance above $36 lies at $38 and $38.50. If the bulls can clear this level, they will be free to create fresh ATHs above $40.
  • From below: The nearest level of support lies at the 100-day EMA which is currently hovering around $28.50. This is immediately followed by further support provided by the long-term rising trend line. Beneath this, support is expected at $26.44, $25.18, and $24.06 (200-day EMA).
  • The trading volume has remained relatively low and below average.
  • The RSI has remained above 50, so the bulls remain in control of the market.

bnbusd_aug12-min

Looking at the BNB/BTC 1-day chart: 

  • The resistance at 0.002655 BTC has held over the past few days. However, BNB keeps on trying to break above it.
  • From above: If the bulls do break above the current resistance, higher resistance is located at 0.002756 BTC and 0.0029 BTC. Above this, further challenges exist between 0.0030 BTC and 0.0031 BTC. This range contains both the 100- and 200-day EMAs, which have strengthened the expected resistance here.
  • From below: The nearest level of support lies at 0.0026 BTC. Beneath this, we can expect further support at 0.0025 BTC, 0.0023 BTC, and 0.002265 BTC. If the sellers drive the price lower, further support is located at 0.0022 BTC and 0.00205 BTC.
  • The trading volume has started to show some signs of increasing.
  • The RSI has managed to edge above 50, which shows that the bulls are ready to continue higher.

bnbusd_aug12-min

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