Binance coin price gained bullish momentum and traded above the $35.00 and $36.00 levels. BNB price traded to a new all-time high and it remains well supported versus USD and bitcoin.
- Binance coin price gained bullish momentum and traded to a new all-time high above $36.50.
- There is a major bullish trend line forming with support near $34.00 on the 2-hours chart.
- BNB price is currently trading in a strong uptrend and it could even surge towards $40.00.
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Binance Coin Price Analysis (BNB to USD)
The $30.00 area acted as a strong support for binance coin as it price started a fresh increase above $32.00 and $35.00. The recent rise in bitcoin, Ethereum and ripple helped BNB as it traded to a new all-time high above $36.50.
Click to Enlarge Chart
Looking at the 2-hours chart of BNB/USD, the pair gained bullish momentum after it broke the main $32.40 resistance area. It sparked a strong rally above $34.00 and the price settled well above the 25 simple moving average (2-hours).
The upward move was such that the price rallied above $36.00 and traded to a new all-time high above $36.50. A swing high was formed at $36.55 and the price recently corrected lower.
It broke the $36.00 level and the 23.6% Fib retracement level of the latest upward move from the $33.08 low to $36.55 high. However, the $35.00 level seems to be acting as a strong support.
Moreover, the 50% Fib retracement level of the latest upward move from the $33.08 low to $36.55 high is also near the $34.80 level to act as a support. More importantly, there is a major bullish trend line forming with support near $34.00 on the same chart.
Therefore, the price is likely to continue higher as long as it is above the trend line support or $34.00. On the upside, a break above the $36.50 level might push the price towards the $38.00 level.
The main resistance for binance coin price is near $40.00, above which BNB could start an increase towards the $45.00 level.
The market data in the USD is calculated by TradingView, Binance.
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