The Binance Coin or BNB makes strong gains of 7% above the $30 level for the first time this month after the new IEO Announcement. BNB surged against Bitcoin as well as it rebounded from 0.00251 BTC to reach $0.027 BTC today so let’s read more in our Binance coin news.
Binance coin was performing well since the bounce from the support at $23 in late September. So far, the coin increased by about 35% since then as it hit the $30.72 resistance level today provided by the long-term 1.414 Fib extension level. The price surge allowed BNB to create a fresh October high at $30 after the exchange announced the new IEO for Injective Protocol today.
Moving ahead, if the buyers continue to drive beyond $30.72, the resistance is first expected at $31.30. this is followed by the resistance at $31.88 and $23.57. More resistance then lies at $34.45. On the other side, the first level of support lies at $30 while below this, the support is found at $29.30, $28, $27, and $25. The RSI is getting into the overbought territory but the Stochastic RSI is far from being overbought. This only suggests that the market still has room to climb higher.
BNB makes strong gains after it rebounded against Bitcoin. the coin was falling over the past few weeks as it dropped from 0.00274 BTC to reach the support of 0.0025 BTC. The buyers started a rebound from this support today as they pushed higher to break the June 2018 highs at 0.00256 BTC and reach a high of 0.0027 BTC. Looking ahead, if the buyers are going to push higher, the first level of resistance is expected at 0.00274 BTC. Above this, the resistance can be met at 0.0028 BTC, 0.00295 BTC, and 0.003 BTC. On the other side, the first level of support is located at 0.0026 BTC which is then followed by the support of 0.0025 BTC. The Stochastic RSI produced a huge bullish signal in the oversold territory which is a strong buying signal as well.
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