$30 Still Remains a Major Hurdle for Binance Coin

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • The quest of BNB to break the major resistance of $30.00 is still active in the market. 
  • The resistance level has forced the cryptoasset to develop any significant price recovery action in the market. 
  • However, on the other side, the cryptoasset has also managed to avoid any sharp negative divergence caused by the resistance level

Binance coin performed positively on Tuesday’s market session with an overall gain of 0.50% bringing the CMP to $28.92. The BNB/BTC pair is also performing positive with a marginal profit of 0.02% bringing the current level to 0.00269157 BTC. The market capitalization stands at $4,175,554,293 with the 24-hour volume traded of $408,726,570. 

Source: coinmarketcap

As the weekly chart indicates, the positive momentum of BNB has been halted by the strong technical resistance mark of $30.00 for a long duration now. We might see downtrend levels in the chart, but it is within the price range of $25.00 to $30.00. On the positive side, the cryptoasset has also managed to sustain the price levels near the resistance mark besides getting reversals from the point itself. A significant overall bullish momentum in the market might help the digital asset to beat the resistance level but will again have the fear of profit booking among investors. 

Binance Coin (BNB) Price Analysis 

Source: tradingview

The technical chart highlights the positive momentum built by BNB from the past month which also included breaking above the major resistance level of $30.00. In fact, the resistance level was broken twice after reversals which formed a double top bearish approach on the price candle. Fib retracement levels indicate that there is strong support placed at 0.789 fib level with resistance at 0.236 fib level at the same time. However, the crypto asset is making a continuous approach to break the resistance which can be a positive sign. 

RSI levels are in recovery mode after a sharp negative divergence which reflects on the coin’s strong sustainability. 

MACD levels are expecting a bullish crossover which might provide it the positive move to the resistance level of $30.00

CCI levels are currently in a normal region after touching the tip of the overbought area. 

RESISTANCE LEVEL: $30.00

SUPPORT LEVEL: $25.00 & $22.00 

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