Binance Coin (BNB) Trades To Record High At $175, $200 Still Possible

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The price of Binance coins is up over 20%, outperforming Bitcoin against the USDT. The BNB gained over USD 150 and was quoted at a new all-time high of USD 176.

  • The price of Binance coins is gaining bullish momentum against the USDT above the $ 150 level.
  • The price is up over 20% and has traded to a new all-time high near $ 176.
  • The 4-hour chart for the BNB / USDT pair (data source from Binance) broke above a large bearish trendline with resistance near USD 130.
  • There could be a short term downside correction but the bulls are likely to protect $ 150.

Binance Coin price increases by 20%

In the past few days, Bitcoin, Ethereum and Binance coins have all expanded their profits. BNB price formed a support base above the USD 120 level and started another strong uptrend.

The price broke the $ 150 resistance level and was well above the simple moving average of 100 (4 hours). There was also a break above a large bearish trendline with resistance near USD 130 on the 4-hour chart for the BNB / USDT pair.

The pair gained over 20% and was even above the $ 175 level. A new all-time high is being formed near $ 176 and the price is currently consolidating gains. It tests the 23.6% Fib retracement level of the move up from the $ 126 swing low to the $ 176 high.

Source: BNBUSDT on TradingView.com

The next major support is near the $ 150 zone (the most recent breakout zone). It is close to the 50% Fib retracement level of the move up from the $ 126 swing low to the $ 176 high.

Hence, drops towards USD 150 could find strong buying interest in the short term. Further losses could potentially open the doors for a push towards the USD 125 support level.

Other advantages at BNB?

If the BNB stays stable above $ 150 it could continue to rise. Initial resistance to the upside is near the $ 175 zone or the $ 176 high.

A clear break above $ 175 and $ 176 should pave the way for another 10-15% rally. In the case mentioned, the price is likely to reach the level of USD 200 in the coming sessions.

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 – $ 160, $ 150, and $ 125.

Main Resistance Levels – $ 175, $ 180, and $ 200.