TA- Binance coin - BNB holds ground
BNB USDT Price

TA- Binance coin - BNB holds ground

By AshkyKharoo | CryptoCircleOne | 26 Feb 2021


In the last 2-3 days of the trading session, Binance coin - BNB experienced one of the sharpest declines reaching $187 from the record high at $348 (USDT).

Though BNB experienced more than 44% pullback compared to its peers (top 10 coins by market cap), it is among the very few to still hold its ground. It's currently trading above the 4-hour 100-SMA, a support line which most of the other top coins (except Cardano) have failed to hold.

Bulls may soon attempt to break above the resistance trend line with initial resistance near $247, which is also the 50% retracement level from the recent swing high ($201) to swing low ($187). The hourly 100-SMA also indicates initial resistance near the $245 zone in the upcoming trading sessions.

A clear break above the 245$ could push the BNB USDT price higher and soon test the next resistance level at $265 and $280. A lot also depends on how Bitcoin USD price performs in the coming sessions.

Check here for BNB USDT live chart.

r/binance - TA- Binance coin - BNB holds ground.  

Dips supported:

If BNB USDT price breaches the support trend line (below $215 in the following sessions), the price could correct lower with initial support at $195. The 4-hour 100 simple moving average is also nearing $195. A breach below this key support level could pull down the BNB prices to $165.

Technical indicators:

  • Based on hourly price change, the MACD is gaining momentum and the RSI of BNB/USD is also gaining strength.

  • Major support for BNB/USDT pair is at $215, followed by $195.

  • Major resistance for BNB/USDT pair is at $245, $265, and $280.


AshkyKharoo
AshkyKharoo

Engineer with love for technology, especially those which solve real-user problems In blockchain for the last 5 years.


CryptoCircleOne
CryptoCircleOne

CryptoCircleOne provides market insights and analysis on the Bitcoin, cryptocurrency and upcoming promising blockchain developments.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.