Binance Coin (BNB) Price Analysis – March 24
Since the year 2019 opening at $6.3, Binance Coin has been following a strong green momentum; reaching a monthly high of $18. BNB markets appeared to have outperformed the most top 20 cryptocurrencies, especially Bitcoin and Ethereum. Today, the seventh largest token witnessed another bullish break-out. In the last 24-hours, BNB has gained 14.3% as trading now holds at $17.
Resistance levels: $20, $23, $25
Support levels: $16.5, $15, $14
Still on a medium-term bullish, Binance Coin has been respecting a channel for the past two weeks as a result of low trade volatility. But a look at the 4-hours MACD direction suggests a bullish break out from the ascending channel. The closest key support lies at $16.3; retesting the blue trend line before a bounce up. At the above support level, a further breach could significantly fall price to the low of $15 and $14 respectively.
Additionally, the next upward movement is expected to hit $20 and above. Currently, the 4-hours RSI is leveled at 80; indicating an indecisive market. However, a significant move at the overbought zone should send price higher. For now, BNB is yet to exhaust buying pressure.
Against Bitcoin market, Binance Coin maintains a side-way trend after ascending from the near of 24000 SAT low to a high of 40000 SAT; ranging between 36000 SAT support and 40000 SAT resistance levels for the past two weeks. Today, BNB saw a price surge to the near of 44000 SAT high before consolidating.
Binance Coin is now trading at above the 80 level on the 4-hours RSI; experiencing significant surge volatility which has resume trading in a bullish trend after ranging. As currently reflected on the 4-hours MACD, another positive is confirmed. A drop is expected to retest the price break level at 40000 SAT support before rallying up. However, breaking down the above support could send the token back in a range trend. The next positive move is likely to reach 47000 SAT. At the moment, BNB has regained a bullish strength.
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