- Binance coin has arrived at the $500 key level.
- The coin is employing a retest and break-out strategy.
- When BNB/USD rises above $500, it will strongly aid further market ascent to $565.
BNB/USD arrives at the $500 price level as it keeps aiming for higher levels. The acclivity of the Binance coin has been nothing short of impressive. Up till this moment, the coin has been able to surmount every obstacle that it has faced with very little fuss. The rally, which began at $250 on the 20th of July, now arrives at $500, thereby recording a 100% increase in about the space of a month.
BNB/USD Significant Levels
Resistance Levels: $500, $565, $625
Support Levels: $250, $332, $445
Binance coin had tread a similar part earlier in the year but within a smaller timeframe, from the 27th of March to the 10th of April. When price got to the $500 key level, it simply pulled back to the support level below it to push further upwards. The market then surged directly to $625. When the market fell back at that level, it was the $500 as support that played a major role in defending the market from going short for long. Therefore, the $500 price level is critical for BNB/USD.
Now that the coin arrives again at $500, we can expect to some degree a similar reaction from the market. Predictably, the coin is employing a retest and break-out strategy just as in the previous time, but for a longer period. The strong market rally ensures that the EMA period 20 (Exponential Moving Average) remains below as support for the daily candlesticks. The Moving Average Convergence Divergence also shows this by keeping its signal lines soaring above the zero level.
Binance coin has found a very strong footing at the 61.80% Fibonacci level when plotted on the 4-hour chart. Like on the daily chart, the EMA period 20 is also beneath the 4-hour candlesticks and pushing it up. The EMAs of the MACD have started converging and we can soon expect a cross upward to mark the end of the retracement. The market is now rising to test the $500 price level. The resistance will be a tough nut to crack due to its prominence in the market, but if price gets above the level, it will strongly aid further market ascent to $565.
Also read: Binance Exchange – Definitive Guide to Using the Popular Crypto Exchange
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