The Binance Coin price increased above $24 while another rally looks like it will soon happen. BNB outperformed Bitcoin against USDT and it could outperform the previous monthly high if it breaks the $24.00 resistance zone as we are reading further in our Binance coin news.
The Binance coin price increased above $24 and is gaining bullish momentum above the $22.80 resistance against the USDT. The price is approaching a key resistance close to the $23.75 level with a crucial bearish trend line forming with the resistance near the $23.80 on the 4-hour chart of the pair. Bitcoin’s price on the other hand is still struggling to recover and remain at a risk of a sharper decline.
In the past few sessions, Ethereum and Bitcoin had a hard time recovering while the Binance coin started a fresh increase. BNB broke the $22.00 resistance level and remained stable above the $21.50 support zone. There was a close above the $21.80 level and the 100 simple moving average with the 50% fib retracement level of the downward move from $25.57 high to the $18.03 low. BNB is now trading above $23.00. The price is also approaching a key resistance close to the $23.75 level and the $24.00 resistance level. There’s also a crucial bullish trend line forming with resistance at $23.80 on the charts for BNB/USDT. The trend line is getting close to the $76.4% break above the trend line resistance and the $24.00 barrier that could start a strong increase in the upcoming sessions.
The next major resistance is getting close to the $25.00 level above which the price will attempt a fresh weekly high above the $25.60 resistance zone. If BNB fails to clear the $23.75 level it could start a downside correction and the initial support is now near the $22.65 level with a connecting bullish trend line. The first major support is set at $22.50 and the 100 simple moving average. The price could slide back towards the $21.00 and the $20.80 levels. The 4-hour RSI for the pair is now well above the 50 level. The major support levels include $22.60 and $22.50. The major resistance levels are set at $23.75 and $24.00.
In our recent binance news, we saw that Binance destroyed $60.6 million BNB coins in its biggest burn ever in hopes to boost the price of the token.
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