BNB Coin Analysis: Altcoin Remains In Uptrend Despite Recent Decline

BNB coin analysis shows that the coin managed to stay on the uptrend despite the recent decline due to the ban for US customers from the main exchange. The price tested the key resistance support at $30.00 and we read more about it in the coming altcoin news.

The binance coin price declined sharply due to the US customer ban but later recovered above $34.00. There seems to be a crucial bullish trend line forming near the support line at $32.50 on the 2-hour chart. The price still remains in an uptrend and could easily make another attempt and surpass the $35.00 support range.

The major crypto exchange banned all United States customers from their main exchange and this was one of the reasons that led the price to a sharp decline. The exchange later announced a separate exchange for US customers. Although the BNB coin analysis shows a heavy decline, there was a positive movement for both Ethereum, Bitcoin, and Ripple which turned out to help Binance Coin to find the nearest support area at $30.00.

If you take a look at the 2-hour chart of BNB/USD, the pair declined heavily after it failed to clear the $36.50 resistance level after it had previously broken down the $32.00 support area which acted as a strong buying zone. As a result, the price bounced back above the $32.50 and later to $34.00. The BNB price also managed to break the $35.00 support level but it has, however, struggled near the $35.40 area.

On the downside, as reported in the latest cryptocurrency news, there are many support levels near the $33.50 and $32.50 levels. The 50% Fib retracement level of the latest upward move from the $31.60 low to $35.43 high is also close to the .
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50 level and will act as a support with the 25 moving average. Also, there is a crucial bullish trend line that is now forming near the $32.50 on the same chart. Therefore as long as the price remains strong above the $32.50 it will remain in an uptrend. On the upside, the binance coin price resistance level will be near $35.50 which could help revisit the $36.50 area.