The latest Binance Coin news show that the price of the altcoin is in its good days. As we can see today, Binance Coin is up by 5% with which it is likely to continue higher and could even surpass $24 and $25 in the next few days.
The cryptocurrency is also gaining a bullish momentum above the $23 level against USDT, and as the price is approaching a major hurdle near $24, it will do all it can to prevent a major bearish trend and reverse it to a positive one. Meanwhile, we also saw Bitcoin starting a fresh new increase – the dominant coin can do that if BNB rallies further above $24.
After retesting the crucial $21 support level, the price of Binance Coin is up by 5%. It all started when it surpassed the $22.50 resistance with the 100 simple moving average (4-hours). More importantly, the cryptocurrency broke above a major bearish trend line on the 4-hours chart of the BNB/USDT pair.
Trading at a high of $23.59 in the cryptonews earlier today, the price of Binance Coin is consolidating its gains and trading near $23.15 now. An initial support is placed near the $23 level or the 23.6% Fib retracement level of the recent increase from a $20.99 low to a $23.59 high.
Now, we can see that the first major support is near the recent breakout zone at $22.50 and the 100 moving average. The 50% Fib retracement level of the increase from a $20.00 low to a $23.59 high is also near the $22.29 level.
On the upside, analysts are saying that the price is facing a major hurdle near the $23.80 and the $24 resistance levels. In that manner, a successful break above the $24 level could open the doors for a push towards the $25 level.
All in all, the price of Binance Coin (BNB) has stabilized this year and by what we see, we can confidently say that it is among the best altcoins out there with a great potential. If BNB continues rising, we could even picture days where the coin would be in the $30 and $40 zones.
Technical Indicators are as following:
- 4-Hours MACD – The MACD for BNB/USDT is now starting to gain momentum in the bullish zone.
- 4-Hours RSI (Relative Strength Index) – The RSI for BNB/USDT is right now well above the 60 level.
- Major Support Levels – $23.00, $22.50 and $22.20.
- Major Resistance Levels – $23.80, $24.00 and $25.00.
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