Binance Coin Price Analysis: BNB Holds Strong, Is $40 In Sight?

Binance Coin has seen a period of relative inactivity over the past 30 days as the coin increased by a small 4.5% to bring the current price up to around $33.23. It reached a fresh ATH during June 2019 nearly hitting the $40 level. BNB has since rolled over but has been holding strong at $32.50 since the beginning of the month.

Binance Coin is currently ranked in the 7th amongst the largest cryptocurrencies with a market cap of $4.69 billion. BNB is still up by 460% year-to-date.

Looking at the BNB/USD 1-Day Chart:

  • Against the USD, we can see that Binance Coin found strong support at $32.45 during June. This area of support is further bolstered by the 50 days EMA level which hovers close to it. 
  • From above: The nearest level of resistance lies at $34.20 and $35. Above $35, the next levels of resistance lie at $36.28, $38, $38.53, and at $39.59 – the previous ATH. If the bulls continue above $39.59 and push the price above $40 – higher resistance lies at $42, $42.66, $44.04, and $46.16.
  • From below: The nearest levels of support lie at $32.45 and $31.20. Beneath this, the next level of support lies at $31 and $30. If the sellers break below $30 – lower support lies at $29.22 and $27.91 (which contains the 100 days EMA).
  • The trading volume has been diminishing during trading in July.
  • The Stochastic RSI has been in oversold conditions for quite some time now as we wait for the bullish crossover signal to mark a push higher. The RSI itself has also reapproached the 50 level as we wait for a break above to signal the bulls are in control of the market momentum.

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Looking at the BNB/BTC 1-Day Chart: 

  • Against Bitcoin, we can see that toward the end of June the coin had fallen below a very long term consolidation pattern. BNB continued falling against BTC until strong support was found at 0.002756 BTC. It has rebounded from this area as it currently trades at 0.002924 BTC.
  • From above: The nearest level of resistance lies at 0.0030 BTC. Above this, higher resistance is located at 0.00311 BTC (contains 200 days EMA) and 0.0032 BTC. If the bulls continue above 0.0032 BTC the next levels of resistance lie at 0.003420 BTC, 0.003556 BTC, 0.003680 BTC, and 0.0040 BTC.
  • From below: The nearest level of support now lies at 0.002756 BTC. Beneath this, further support is then located at 0.002655 BTC, 0.0026 BTC, 0.0025 BTC, and 0.002265 BTC.
  • The trading volume has also been falling in this market slowly during July.
  • The RSI has reached the 50 level once again after trading in oversold conditions. However, for a bullish signal – we will need to wait for the RSI to break above the 50 level.

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