BNB trading: BNB Wakes With 15%, Flagging A New All-Time High at $25.8

BNB trading: BNB Wakes With 15%, Flagging A New All-Time High at $25.8
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Binance Coin (BNB) Price Analysis – April 20

The performance of BNB in the last two days has positioned the trend in a bullish scenario as the cryptocurrency labeled a new price level. While trading at the highest condition, Binance Coin may reverse soon. Meanwhile, the bulls target $27; can they sustain pressure higher?

BNB-USD Market

Key Levels:
Resistance levels: $27, $30
Support levels: $22, $20

Today, Binance Coin has printed a new all-time high at $25.8; surpassing $20.6 high turned low. The value of the token was increased by 20% in just two days of trading. However, future trading would tell how far the bulls can sustain momentum. The next possible rally may hit $27 and $30 resistance levels.

BNBUSD-4H-Chart-April-20

As signaled on the 4-hours RSI, BNB price could drop to $22 support level before the next positive move in the overbought area. If the RSI breaks down the 70 and 50 levels, the next key level is 30. A further break at the 30 level may lead to a significant drop in BNB price; possibly to $15 or below.

Considering the upward direction of the 21-day moving average (yellow band) and the 50-day moving average (red band); the bulls are still in play.

BNB-BTC Market

While Bitcoin’s price skyrocketed earlier this month, Binance Coin witnessed a fall to 0.0034 BTC low before a bounce up which led to a new price level at 0.0048 BTC today; breaching a solid resistance turned support level at 0.0044 BTC.

BNBBTC-4H-Chart-April-20

The 21-day moving average (yellow band) revealed the early April fall; crossing down the 50-day moving average (red band). The yellow band now trends above the red band, reflecting the bullish reversal.

Following the bullish scenario on the 4-hours RSI, BNBBTC is now at the extreme overbought territory after retracing to the 50 level; indicating a potential decline. The 0.0044 BTC could provide a support level for that. However, the bullish rally may further create another price level at 0.005 BTC.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

About AzeezMustaph

Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management