Binance Coin Escalates by 6.44% Overnight; Hurdles Appear above $19

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  • BNB has been holding a tight grip over the bullish momentum since yesterday; surges steadily above $19
  • The coin has started facing hurdles up there following the 6.44% price hike
  • Till yesterday 12:00 UTC, Binance coin kept ranging between $17.90 to $18.89
  • Technicals are holding a bullish bias while the coin forms a bearish candle

Binance Coin has benefitted to quite an extent in this ongoing bullish spell of the crypto market. In December last year, BNB was struggling to trade above $14, and after a month-long price improvement, BNB is set to target the $20 price mark.

Binance Coin Price Analysis

BNB kickstarted this month on a mild bullish note as it opened at $18. The coin kept consolidating till yesterday between the price ranges of $17.90 and $18.89. The coin saw a robust support level at $17.90 steadily started to recover its loss of valuation with a price jump of 6.44%.

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BNB/USD Chart By TradingView

The recently formed bearish candlestick has ushered the coin below the 0% Fib level. At 11:38:17 UTC, Binance Coin is trading at $18.98.

Moving averages are bullish at the moment but are coming closer to trace a possible bearish crossover. MACD is also in the bullish territory with its Signal line on the downside. RSI, on the other hand, is in the overbought zone noting a positive sign.

All in all, all the technical indicators are pointing out to a sustained price rebound while Bollinger bands are heading towards a volatile zone.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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