Why is BNB Unable to Beat Resistance of $30.00 While Other Altcoins Reaching New Levels?

  • With most of the altcoins showing positive momentum and reaching new levels for the month, the Binance coin is also on a bullish move.
  • However, the cryptoasset still has not managed to cross above the major resistance level of $30.00
  • The BNB/BTC pair is also performing negative with the loss of -2.19% bringing the current level to 0.00251625

Binance coin performed positively on Saturday’s trading session with an overall gain of 1.535% bringing the CMP to $28.48. The market capitalization stands at $4,112,932,770 with the 24-hour volume traded of $ 489,975,343. 

Source: coinmarketcap

As the intraday trading chart indicates, the positive momentum in the current market session has taken the price level to a positive extent but the expectations of breaking above the major resistance level of $30.00 were not fulfilled by the crypto asset. However, other major coins like Bitcoin broke above $11k and Ethereum is above the $370 price level. The negative momentum in the BNB/BTC pair is also giving mixed sentiments for BNB. 

Technical Levels Retreating From Bullish Levels 

Source: tradingview
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The technical chart highlights the significant recovery action built by BNB from September in which most of the other cryptoasset was facing decline. In that recovery phase, it was able to break above the resistance level of $30.00 but later faced major profit booking activity among investors and dropped drastically. The current price levels were able to break above 0.382fib level. 

The relative strength index has able to recover its levels but now are in a retreating mode which could harm the positive move. The current level stands at 28.29. 

Commodity channel index levels are currently in the overbought region which validates the presence of the bulls. However, the negative nature at the tip of the levels may correct the levels to some extent. The current levels stand at 94.11. 

Where Binance Coin Can Be Headed? 

The coin must break above the resistance level of $30.00 for capitalizing on the overall bullish sentiment present in the market currently. On the downside, it is backed by the major support level of $25.00. These conditions can result in a price consolidation scenario for the digital asset. 

RESISTANCE LEVEL: $30.00 & $34.00

SUPPORT LEVEL: $25.00 & $21.00 

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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.

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