Binance Coin continued its bull run today, increasing by 2.71% to reach a fresh all-time high (ATH) value at $36.91. Over the past three months, BNB is up more than 147%, while year-to-date the cryptocurrency is up around 500%.
Its most recent rally followed the announcement of the latest initial exchange offering (IEO) to be held on Binance Launchpad. The project is called Elrond and the event will take place on July 1st.
Meanwhile, BNB remains the 7th largest cryptocurrency sitting on a market cap of around $5.1 billion.
Looking at the BNB/USD 1-Day Chart:
- Since our previous BNB analysis, BNB/USD continued to climb higher above the $34 level. The cryptocurrency also surged past the $36.22 resistance level to reach its ATH at $36.42. The coin is now back on the way to trade around the $36.22 resistance level.
- From above: The nearest level of resistance lies at $37. Above $37, further resistance is found at $38 and $38.53 (where lies the medium term 1.618 Fib Extension). The next level of strong resistance above $39 is at $40. If the bulls push the price above $40, more resistance lies at $42 and $42.66.
- From below: The nearest level of support lies at $36.22. Beneath this, additional support |is found at $35, $34.20, $32.41, $31.20, and $30. If the selling continues beneath $30, further support can be expected at $28, $26.60, and $25.18.
- The trading volume has remained very high during May and June.
- The RSI has recently bounced from the 50 level, indicating that the bulls remain in control of the market momentum. The RSI has more room to go higher before becoming overbought which suggests that the bull run can continue higher.
Looking at the BNB/BTC 1-Day Chart:
- Against Bitcoin, we can see that BNB has also continued to climb higher above the 100 days EMA at around 0.003680 BTC. Binance Coin has recently reached the 0.004 BTC level where it met resistance.
- From above: The nearest level of resistance lies at 0.004 BTC. Above this, further resistance is found at 0.0042 BTC, 0.0044 BTC, 0.004615 BTC, and 0.0048 BTC. If the bulls continue further, additional resistance lies at 0.004920 BTC, 0.0050 BTC, and 0.0052 BTC.
- From below: The nearest level of support now lies at 0.003785 BTC. Beneath this, support is found at 0.003680 BTC, 0.003555 BTC, and 0.003420 BTC. If the selling continues lower, more support stands at 0.0031880 BTC, 0.0031 BTC, and 0.0030 BTC.
- The Stochastic RSI has recently produced a bullish crossover signal in the oversold territory to indicate that the previous round of selling has run its course. Furthermore, the RSI itself is currently battling the 50 level as the bulls attempt to take control of the market momentum.
The post Binance Coin Price Analysis: BNB Records New ATH Following Binance Next IEO Announcement appeared first on CryptoPotato.
Source: Crypto Potato