Binance Coin (BNB) Rallies To $125, Why Bulls Are Not Done Yet

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The price of Binance coins is up over 50%, outperforming Bitcoin against the USDT. The BNB gained over $ 100 and $ 125 and is likely to continue to rise.

  • The price of Binance coins is gaining upside against the USDT above the $ 120 level.
  • The price is up over 50% and has traded to a new all-time high near $ 126.
  • On the 4-hour chart of the BNB / USDT pair (data source from Binance) there was a break above an ascending channel with resistance near USD 120.
  • There is a possibility of further upward movement above the USD 130 and USD 140 levels in the near future.

The price of Binance coins is gaining momentum

For the past few days, Bitcoin, Ethereum, Ripple, and Binance coins have continued to see a strong upward trend. BNB price has broken many hurdles near the USD 80 and USD 100 levels.

The price was even above the $ 100 level and the simple moving average of 100 (4 hours). The recent surge picked up pace after a break above a bearish channel with resistance near USD 70 on the BNB / USDT pair’s 4-hour chart.

The pair even broke the $ 120 level to hit a new all-time high above $ 125. Recently there was a break above an ascending channel with resistance near USD 120 on the same chart. The price is showing many positive signs and is likely to remain high above USD 130.

Further gains could open the doors for a steady rise towards the USD 148 and USD 150 resistance levels in the near future.

In BNB supported dips

If the NBB fails to hit the USD 130 and USD 132 levels, a downward correction could be initiated. Initial support is near the $ 120 level. It is close to the 23.6% Fib retracement level of the move up from the low of $ 104 to the high of $ 126.

The first major support is near the $ 115 level. It is close to the 50% Fib retracement level of the move up from the $ 104 swing low to the $ 126 high. Further losses could potentially push the price to the USD 100 support level in the coming days.

Technical indicators

4 Hour MACD – The MACD for BNB / USDT is gaining momentum in the bullish zone.

4 Hour Relative Strength Index (RSI) – The RSI for BNB / USDT is currently well in the overbought zone.

Major support levels – $ 120, $ 115, and $ 100.

Main Resistance Levels – $ 130, $ 135, and $ 150.