- BNB/USD continues to steadily rally higher, gaining new ground.
- The coin has bounced off the recently formed support level to complete its retracement.
- Price will aim to break the resistance zones of $415 and $435 in the coming days.
BNB/USD continues its bullishness which began in recent days. It continues to steadily rally higher, gaining new ground. The Binance Coin has been among the peak performers in this renewed bullish season, competing with its use-case rival Ethereum. The crypto’s accent has, however, been a steady grind up, as opposed to Ethereum’s faster advance, percentage-wise. The market’s value has appreciated by around 65% during this bullish season.
BNB/USD Key Levels
Resistance Levels: $415, $435, $502
Support Levels: $250, $332, $368
The current market trend was confirmed to be bullish when the Aroon indicator and EFI (Elder Force Index) crossed upward at the same time on 21 July. The bullishness also seems likely to continue to further resistance levels above the current market price. This is because the Aroon indicator bullish line has remained in the 100% zone for days, indicating strong bullish volume behind the market’s move up. Also, the EFI (Elders Force Index) red force line has been trading consistently above the zero mark despite experiencing some dips. These indications further boost our confidence in the coin’s steady bullish rally.
On the four-hour chart, price has bounced off the recently formed support level of $368.8, which happens to coincide finely with the 78% (optimal entry point) level of our Fibonacci tool. The price also traded into the Exponential Moving Average indicator in the middle of the Envelope channel, thereby completing the retracement phase of the market. Price has traded off this zone and is approaching the recent high formed at $409 to possibly break it. The Aroon indicator’s blue line is still trading in the bullish zone. Also, the EFI has bounced off the zero mark to remain in the bullish zone, indicating the market is set for another leg of bullishness.
If BNB/USD continues its rally steadily, we could then see price aim to break the resistance zones of $415 and $435 in the coming days.
Also read: Bybit Review 2021 and A Definitive Guide to Using the Popular Crypto Exchange
Note: Crypto-academy.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.