- Binance coin surged higher from the $15.00 support and traded to a new monthly high at $17.74.
- There is a short term triangle formed with support at $16.70 on the hourly chart.
- BNB price could decline in the short term, but it is likely to find support near $16.35 or $16.00.
Binance Coin Price Analysis (BNB to USD)
In the past few sessions, there were mostly range moves with a bearish angle in bitcoin, Ethereum, ripple, EOS, LTC, and other altcoins. However, binance coin outperformed and surged close to 15% to trade to a new monthly high.
Click to Enlarge Chart
Looking at the hourly chart of BNB/USD, the pair started a strong upward move from the $14.89 low. There was a sharp upward move above the $15.00 resistance and the 25 hourly simple moving average.
It opened the doors for more gains and the price surpassed the previous resistance levels near $15.65 and $16.35. The price even broke the $17.00 resistance and traded to a new monthly high at $17.74. Later, the price started a downside correction and traded below $17.20.
There was a break below the 23.6% Fib retracement level of the recent wave from the $14.89 low to $17.74 high. The price even traded below the $17.00 level and the 25 hourly simple moving average. At the outset, there is a short term triangle formed with support at $16.70 on the same chart.
The current price action suggests that there could be an extended downside correction below the $16.70 support. The next key support is near $16.35 and the 50% Fib retracement level of the recent wave from the $14.89 low to $17.74 high.
If there is an extended correction, binance coin is likely to find a strong buying interest near the $16.35 or $16.00 support levels in the coming sessions. On the upside, a break above the $17.40 resistance could push the price above $17.75 or even $17.80.
The market data is provided by TradingView, Binance.