BNB Skyrockets To New 2020 High After Increasing By 55% Weekly: Binance Coin Price Analysis

  • Binance Coin surged by an impressive 55% this week to a fresh 14-month high, surpassing $32.50.
  • Against Bitcoin, BNB also created a fresh 14-month high as it reached over the 0.003 BTC mark.
  • The latest price increase allowed Binance Coin to escalate back into the top-7 cryptocurrencies by market cap.

BNB/USD – Bulls Set Fresh 2020 Highs At $32.57

Key Support Levels: $28.38, $27.17, $25.75.

Key Resistance Levels: $30, $32.57, $34.37.

At the beginning of September, the drop in the price of Bitcoin caused Binance Coin to drop from the $26 resistance and reach the support at a 2-month-old rising trend line. Then, BNB rebounded as the buyers started to increase their volume.

The bullish momentum is a result of recent Binance defi-related news: the latest development of the Binance Smart Chain, along with the hype around BurgerSwap – a Uniswap alternative built on the Binance Smart Chain.

Yesterday, September 12th, BNB surged by a total of 12.5%, which brought the price above the previous 2020 high of $27.17. Today, BNB continues and spiked by a further 8.6%, which saw the coin breaking above $30 to set a fresh 2020 high at $32.57 (1.618 Fib Extension).

The coin has since retraced to the $30 area, following the market’s correction, as of writing these lines.

bnbusd-sep13BNB/USD. Source: TradingView

BNB-USD Short Term Price Prediction

Looking ahead, the first level of resistance lies around the current price of $30. This is followed by resistance at the fresh 2020 high of $32.57. Additional resistance is located at $34.37, $36.48 (1.414 Fib Extension), $38.40 (1.618 Fib Extension), and $40.

On the other side, the first level of support lies at $28.38 (.236 Fib Retracement). This is followed by support at $27.17 (Feb 2020 high), $25.75 (.382 Fib Retracement), and $23.63 (.5 Fib Retracement).

It is important to note that both the RSI and the Stochastic RSI are in overbought territory, suggesting that BNB might need a correction.

BNB/BTC – Buyers Create Fresh 14-month High At 0.00306 BTC

Key Support Levels: 0.00273 BTC, 0.00265 BTC, 0.00262 BTC.

Key Resistance Levels: 0.00292 BTC, 0.003 BTC, 0.00324 BTC.

The situation is relatively similar for BNB against Bitcoin as BNB broke the February 2020 high at 0.00262 BTC yesterday to reach a fresh 2020 high at 0.00306 BTC today. The resistance here is provided by a long term 1.618 Fib Extension level.

bnbusd-sep13BNB/USD. Source: TradingView

BNB-BTC Short Term Price Prediction

Looking ahead, if the buyers push higher, resistance lies at 0.00292 BTC (1.414 Fib Extension), 0.003 BTC, and 0.00306 BTC (1.618 FIb Extension). Additional resistance lies at 0.00324 BTC, 0.00344 BTC (July 2019 highs), and 0.00357 BTC.

From the bearish side, the first level of support lies at 0.00273 BTC (.236 Fib Retracement). This is followed by support at 0.00265 BTC (June 2018 High), 0.00262 BTC (Feb 2020 high), and 0.00253 BTC (.382 Fib Retracement).

Likewise, both the RSI and Stochastic RSI are in overbought conditions, indicating the market might be overextended.

The post BNB Skyrockets To New 2020 High After Increasing By 55% Weekly: Binance Coin Price Analysis appeared first on CryptoPotato.

Publication date: 
09/13/2020 - 17:12
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