# Binance Coin (BNB) Price Rally Takes Break But Not Likely Over

Binance coin price rallied in the past few sessions and broke the $17.00 barrier. BNB is placed nicely in a bullish trend and dips remains supported versus the US dollar and bitcoin. • Binance coin surged higher from the$15.00 support and traded to a new monthly high at $17.74. • There is a short term triangle formed with support at$16.70 on the hourly chart.
• BNB price could decline in the short term, but it is likely to find support near $16.35 or$16.00.

## Binance Coin Price Analysis (BNB to USD)

In the past few sessions, there were mostly range moves with a bearish angle in bitcoin, Ethereum, ripple, EOS, LTC, and other altcoins. However, binance coin outperformed and surged close to 15% to trade to a new monthly high.

Click to Enlarge Chart

Looking at the hourly chart of BNB/USD, the pair started a strong upward move from the $14.89 low. There was a sharp upward move above the$15.00 resistance and the 25 hourly simple moving average.

It opened the doors for more gains and the price surpassed the previous resistance levels near $15.65 and$16.35. The price even broke the $17.00 resistance and traded to a new monthly high at$17.74. Later, the price started a downside correction and traded below $17.20. There was a break below the 23.6% Fib retracement level of the recent wave from the$14.89 low to $17.74 high. The price even traded below the$17.00 level and the 25 hourly simple moving average. At the outset, there is a short term triangle formed with support at $16.70 on the same chart. The current price action suggests that there could be an extended downside correction below the$16.70 support. The next key support is near $16.35 and the 50% Fib retracement level of the recent wave from the$14.89 low to $17.74 high. If there is an extended correction, binance coin is likely to find a strong buying interest near the$16.35 or $16.00 support levels in the coming sessions. On the upside, a break above the$17.40 resistance could push the price above $17.75 or even$17.80.

The market data is provided by TradingView, Binance.

The post Binance Coin (BNB) Price Rally Takes Break But Not Likely Over appeared first on Blockonomi.

•
•
•
•
•
•