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Charted: Binance Coin (BNB) Surges In direction of $250, Why Bulls Are Not Executed But

02/19/2021

Binance coin worth is up over 35% and it’s prolonged its rally above $200 in opposition to the USDT. BNB traded to a report excessive at $238 and it looks like there are possibilities of extra upsides.

  • Binance coin worth prolonged its rally above the $175 and $200 resistance ranges in opposition to the USDT.
  • The worth traded to a brand new all-time excessive at $238 and it settled effectively above the 100 easy transferring common (4-hours).
  • There was a break above a few bullish continuation patterns at $170 and $200 on the 4-hours chart of the BNB/USDT pair (knowledge supply from Binance).
  • There’s consolidating positive aspects and it’s prone to proceed increased in the direction of $250 and $275.

Binance Coin Value Rallies 35%

Prior to now few days, binance coin gained a robust bullish momentum above the $100 degree. BNB worth outperformed bitcoin and Ethereum, with huge positive aspects.

It even broke the $150 and $175 resistance ranges. Through the current rally, there was a break above a few bullish continuation patterns at $170 and $200 on the 4-hours chart of the BNB/USDT pair. The pair even surged above the $200 and $210 ranges.

It traded to a brand new all-time excessive at $238 and it settled effectively above the 100 easy transferring common (4-hours). BNB is at the moment correcting positive aspects and testing the $225 degree.

Binance Coin (BNB)

Supply: BNBUSDT on TradingView.com

The 23.6% Fib retracement degree of the current rally from the $189 swing low to $238 excessive is performing as a robust assist. If there are any extra losses, the value may decline in the direction of the $210 degree.

On the upside, the $240 degree is a short-term hurdle. The subsequent main resistance is close to the $250 degree. A transparent break above the $250 degree will more than likely open the doorways for a pointy improve in the direction of the $285 and $300 ranges within the close to time period.

Dips Supported in BNB?

If BNB fails to proceed increased above $240 and $250, there may very well be a draw back correction. The primary main assist is close to the $225 degree.

The subsequent main assist is close to the $210 degree. It’s near the 50% Fib retracement degree of the current rally from the $189 swing low to $238 excessive. Any extra losses would possibly name for a check of $200.

Technical Indicators

4-Hours MACD – The MACD for BNB/USDT is gaining momentum within the bullish zone.

4-Hours RSI (Relative Power Index) – The RSI for BNB/USDT is at the moment within the overbought zone.

Main Help Ranges – $225, $210 and $200.

Main Resistance Ranges – $240, $250 and $300.