Binance Coin (BNB) made a nice upward move and traded above the $7.50 resistance. More gains are possible in BNB, while bitcoin, Ethereum, ripple and litecoin remain under pressure.

Key Talking Points

Recently, there were heavy losses noted in bitcoin, Ethereum, ripple, eos and other cryptocurrencies. However, binance coin remained in a positive and BNB rallied above the $6.50 and $7.00 resistance levels.

Looking at the chart, the price formed a solid support above the $6.00 level. Later, it started a strong upward move and broke the $6.50 and $7.00 resistance levels. There was also a close above the $7.00 resistance and the 100 simple moving average (4-hours).

Buyers even managed to push the price above the $8.00 level and new monthly high was formed at $8.06. Later, there was a downside correction and the price declined below the $8.00 and $7.75 support levels.

There was a break below the 23.6% Fib retracement level of the last wave from the $6.68 low to $8.06 high. However, there was a strong buying interest near the $7.40 and $7.50 support levels.

The price also traded close to the 50% Fib retracement level of the last wave from the $6.68 low to $8.06 high. Moreover, there is a major bullish trend line formed with support at $7.50 on the 4-hours chart of BNB/USD.

Therefore, binance coin remains supported on dips near the $7.50 level, below which it could trade towards the $7.00 support level. On the upside, an initial resistance is at $7.90 and $8.00, above which it could trade towards the $8.50 level, despite bearish moves in bitcoin, Ethereum, ripple, eos, litecoin and other altcoins.

The market data is provided by TradingView.

The post Binance Coin (BNB) Rallies While Bitcoin, Ethereum, Ripple Declines appeared first on Ethereum World News.

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