Binance Coin (BNB) Price Analysis: Rally Facing Resistance, Dips Remain Supported

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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.

Binance Coin Price Analysis (BNB to USDT) Chart

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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