Binance Coin (BNB) surged above $15.00 and later started consolidation against the US Dollar. BNB is likely preparing for the next crucial break and it could outperform bitcoin, Ethereum and ripple.
Key Talking Points
This past week, we saw a solid rally in binance coin price above the $12.00 and $15.000 resistance levels. BNB price is currently consolidating gains and it seems to be preparing for the next crucial break, while other cryptocurrencies such as bitcoin, ripple, Ethereum, litecoin, bitcoin cash and EOS are pointing bearish signs.
Looking at the chart, the price rallied after it broke the $12.10 resistance. There was a clear break above the $13.50 and $13.80 resistance levels. The price rallied above the $15.00 resistance and settled well above the 100 simple moving average (4-hours).
A high was formed at $15.82 and later the price started a downside correction. It declined below the $15.00 support and the 50% Fib retracement level of the recent wave from the $13.21 low to $15.82 high.
However, the $14.00 and $13.80 levels acted as a strong support. Besides, the 61.8% Fib retracement level of the recent wave from the $13.21 low to $15.82 high acted as a support.
The price is currently consolidating in a range above $13.80 and it seems to be preparing for the next break. On the upside, there is a major bearish trend line in place with resistance at $15.00 on the 4-hours chart of BNB/USD.
Overall, binance coin is placed nicely in an uptrend above $13.80. As long as BNB is above $13.80, it could rally again above $15.00 and $15.50. If not, it could extend the downside correction towards the $13.20 or $12.80 support levels.
The market data is provided by TradingView.
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