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Binance Coin Price Analysis Shows BNB Breaking Above $17

binance coin price analysis

Binance coin price analysis shows that the token saw an increase in price about 8% over the past 24 hours and it is currently trading above $17 as we can see in the binance coin news today.

BNB managed to find strong support at $14 which gave a boost to the latest spike. The price increase pushed the Binance coin to be the highest performing cryptocurrency in the top 10 crypto projects. The Binance coin price analysis shows that the eight-largest cryptocurrency with a total market cap of $2.69 billion. The latest price rebound is mainly because of the BNB making some huge gains against BTC. Looking at the BNB/USD-1 Day chart, we can notice that the support line is standing above the $14.56 and it continued to hold very well during the first week of October. This provided a basis for the market to rebound much higher over the past few days. The Binance Coin is now facing resistance at the $17.30 which represented a strong resistance during March 2019.

Looking at the price from above, if the bulls break the resistance at $17.30 and higher resistance is found at $18, $18,84, $19,55 and $20. Above the $20 resistance level, the next level will be located at $20.56, $22, $22.67. The latest resistance at $22.67 is considered significant due to the 100-days and 200-days EMA being located. The nearest level of support lies at $17 and beneath this, the new support level lies at $$16.72, $16.00, $15.65. If the sellers break beneath the strong support area, the added can be found $14, $13, $12.59. The trading volume has seen some uptick over the past few days and the RSI has managed to penetrate above the 50 level which shows that the bulls are in charge.

Against Bitcoin, the BNB managed to hold the support at 0.001853 BTC and slowly started to grind much higher from here. In the latest trading session, the BNB coin saw a major price surge boosted the coin into a resistance provided by the upper boundary of a falling wedge pattern which has been here for more than three months. The nearest level of resistance stands at the upper boundary of the wedge formation and above this, the resistance is found at 0.0022 BTC, 0.002265 BTC as we can see per the latest altcoin news. The nearest level of support lies at 0.0020 BTC and the trading volume has since started to increase during October.

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