The Binance coin rally hit a new crucial juncture and now has the opportunity test the $40 level if it manages to further clear the $35.50 resistance zone in the near-term so let’s read more in the latest Binance coin news today.
The binance coin price is gaining bullish momentum above the $32 resistance level against USDT with the price testing a major hurdle near the $35.50 level between the previous swing high. There was a break above the crucial bearish trend line with the resistance near the $28.00 on the 4-hour charts of the BNB/USDT pair with the price consolidating above $23,000 with more strength to continue increasing.
Over the past few days, BTC, Ripple, ETH, and Binance Coin started a sharp increase with the price forming a support near the $25.00 before starting a strong increase. There was a break above the crucial bearish trend line with the resistance near the $28.00 on the 4-hour charts of the pair. The pair then gained pace above the $30.00 level and the 100 simple moving average with a possible break above the 61.8% Fib retracement level from the downward move from the $35.49 high to $26.67 low. BNB is now trading above the $35.00 level with one bullish angle and is testing major resistance near $35.00 and the previous swing high.
If there’s a clear break above the $35.00 resistance there will be a sharp increase with the next major resistance nearing the $37.50 level. The coin is close to the 1.236 Fib extension level from the downward movement at the $35.49 high to the $26.67 low. The next major stop for the bulls could be nearing the $40 level with more upsides being limited in the short-term unless BTC is able to clear the $25,000 level. The Binance coin rally will likely lead the coin over $40 but if it fails to clear the $35.50 resistance level, there will be another downside correction.
The first major support is nearing the $32.00 level below which the price could extend its decline and also, the price could revisit the $30 support zone. The 4-hour MACD for the pair is gaining momentum in the bullish zone with the 4-hour RSI for the pair being well above the 50 levels.
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