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Binance Coin Continues To Look Strong Despite Altcoins Shakeout
The price of Binance coin (BNB) continues to look strong as it holds its support against Tether (USDT) after the Consumer Price Index (CPI) announcement. The CPI tends to provide a gauge as regards inflation in the economy while instigating BTC prices and other altcoins.
Bitcoin’s (BTC) price saw a pullback from $24,200 to $22,800 despite showing signs of a relief rally but was faced with resistance to breakout. Despite the shake-out, the price of the Binance coin remained strong. (Data feeds from Binance)
Price Analysis Of BNB On The Weekly Chart
Weekly BNB Price Chart | Source: BNBUSDT On Tradingview.com
From the chart, the price of BNB saw a weekly low of around $210, which bounced from that area and rallied to a price of $330.
The price has built more momentum as it faces resistance at $336.
If the price of BMB on the weekly chart continues with this bullish structure, it could quickly revisit $450.
Weekly resistance for the price of BNB – $336.
Weekly support for the price of BNB – $300, 210.
Price Analysis Of BNB On The Daily (1D) Chart
Daily BNB Price Chart | Source: BNBUSDT On Tradingview.com
The price of BNB found strong support at around $270, with what seems to be an area of interest on the daily chart.
BNB bounced from its support, forming a trendline as it faces resistance to break above $336.
At the point of writing, the price of BNB is at $333, trying to break the resistance at the $336 area.
If the price of BNB breaks above the $336 resistance with good volume the price of BNB could rally to a high of $450.
The trendline formed by BNB acts as the support and area of interest for subsequent buy bids. A break of this trendline below invalidates the setup.
With more buy bids, and the positive CPI announcement we could see the price of BNB trending higher.
The RSI for the price of BNB on the daily chart is above 70, indicating healthy buy bids for BNB.
The volume for BNB indicates buy bids, this shows bulls would want to push the price higher.
Daily (1D) resistance for BNB price – $336.
Daily (1D) support for BNB price – $270, $220.
Price Analysis OF BNB On The Four-Hourly (4H) Chart
Four-Hourly BNB Price Chart | Source: BNBUSDT On Tradingview.com
The price of BNB has continued to maintain its bullish structure despite retracing to its trendline support on the 4H chart, as the price faces resistance at $336.
BNB price is $333, trading above the 50 and 200 EMA with prices of $310 and $280 on the 4H chart. These prices would act as support areas for BNB on the 4H chart.
Four Hourly (4H) resistance for BNB price – $336.
Four hourly (4h) support for BNB price – $310, $280.
With the positive CPI news, the price of BNB could break the resistance and would trend higher.
Featured image from Bitnovo, Charts from TradingView.com
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