BNB Price Analysis – February 3
After validating the previous breakout level, BNB/USD touches a new all-time high.
Resistance levels: $58, $60, $62
Support levels: $45, $43, $41
BNB/USD is trading at $51.14 after confirming a daily uptrend and climbing above the channel. The Binance Coin is making a triumphant return among the top ten coins; therefore, BNB even touched a new all-time high at over $55 when trading yesterday. At the time of writing, BNB validates the $40 level as support, before resuming its upward movement.
What to Expect from Binance Coin (BNB)
The 9-day moving average is confidently trading above the 21-day moving average and the coin is likewise trading above the resistance level of $50 which connotes that buyers are gaining upper hand in the market. The technical indicator is currently moving within the overbought region, pointing up to indicate a buy signal.
Meanwhile, should in case the buyers were able to push the price above the resistance level of $55 and the daily candlestick close above this level, then, the market price may rally towards the resistance levels of $58, $60, and $62 while the supports are located at $45, $43, and $41.
BNB/BTC Market: Bears May Step Back into the Market
When compares with Bitcoin, if the market continues to follow a bullish surge above the 9-day and 21-day moving averages, the price of Binance Coin may swing high above the upper boundary of the channel and move towards the resistance levels of 1600 SAT and above.
Meanwhile, on the contrary, crossing below the moving averages could lead to the support levels of 1200 SAT and below. On the technical indicator RSI (14), the signal line is currently below the 60-level, which is a sign of bearish movement.