Binance Coin (BNB) Cryptocurrency Is Surging: Here’s How It Can Refuel BTC – newsBTC

Binance coin price is gaining bullish momentum above the $20.50 resistance against the USDT. BNB price action suggests bitcoin could also start a decent upward move if it remains stable above $9,000.

In the past few sessions, binance coin followed a bullish path above the $19.00 and $20.00 resistance levels. BNB price even settled above the $20.00 resistance area and the 100 simple moving average (4-hours).

It opened the doors for more gains above the 50% Fib retracement level of the last key decline from the $23.25 high to $17.69 low. The price is now trading above the $21.00 resistance area.

During the rise, there was a break above a major bearish trend line with resistance near $19.98 on the 4-hours chart of the BNB/USDT pair. It seems like the bulls are currently facing hurdles near the $21.15 and $21.20 levels.

Binance Coin Price

The 61.8% Fib retracement level of the last key decline from the $23.25 high to $17.69 low is also acting as a strong resistance. If binance coin cryptocurrency surges above the $21.15 and $21.20 levels, it could continue to rise towards the $22.00 and $23.00 levels.

The market sentiment is also likely to improve if the price gains pace above $21.20 and it might help bitcoin in rising steadily towards $9,200 or $9,340.

If BNB fails to clear the $21.15 and $21.20 resistance levels, it could start a downside correction. An initial support is seen near the $20.50 level. If the bulls fail to defend the $20.50 support, the price might retest the $20.00 support area.

Any further losses could push the bulls on the back foot and the price is likely to slide towards the $18.80 support level in the near term. Overall, the current price action is positive and there are chances of more gains above $21.20.

Technical Indicators

4-Hours MACD The MACD for BNB/USDT is slowly gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) The RSI for BNB/USDT is currently well above the 55 level.

Major Support Levels $20.50, $20.00 and $18.80.

Major Resistance Levels $21.15, $21.20 and $22.00.

Follow this link:
Binance Coin (BNB) Cryptocurrency Is Surging: Here's How It Can Refuel BTC - newsBTC