Binance Coin dropped by a small 3% after the cryptocurrency ran into resistance at the $26.64 level. It is currently trading at strong support provided at $25.18, however, it does seem like a deeper retracement will be on the way.
Binance Coin began the year beneath $14 as it continued to surge by a total of around 95% to reach the current trading price. The coin is most certainly bullish and would need to drop beneath $19 for the bull run to be invalidated.
Binance Coin Price Analysis
BNB/USD – Daily CHART – SHORT TERM
Market Overview
Taking a look at the daily chart above, we can clearly see BINANCE Coin rolling over at the $26.64 level. The cryptocurrency has now dropped into the support at $25.18 which is a very important level as it provided both strong resistance and support in April and July last year.
Short term prediction: BULLISH
Looking ahead, if the bulls manage to defend the support at $25.18 and rebound higher, the first level of resistance will lie at $26.64. Above this, higher resistance then lies at $28 and $29.10 (long term bearish .618 Fib Retracement level).
If the bulls continue to drive up above the strong resistance at $30, additional resistance lies at $31.28, $31.79 (short term 1.414 Fib Extension), $32.45, and $33.74 (bearish .786 Fib Retracement).
On the other hand, if the sellers push beneath $25.18, the first level of support lies at $24. Beneath this, additional support is expected at $22.67, $21.74 (.382 Fib Retracement), $20.92, and $20.07 (.5 Fib Retracement).
The RSI has bulled back from overbought conditions which could suggest that the previous bullish momentum is fading. Additionally, the Stochastic RSI recently rolled over and produced a bearish crossover signal.
Key Levels
Support: $25.18, $24, $22.67, $22, $21.74, $20.92, $20.07, $18.39.
Resistance:$26.64, $28, $29.10, $30, $31.28, $31.79, $33.74..
