- Binance Coin price hits a weekly high after crossing the seven-week resistance line and the 200-day EMA.
- Upbeat trading volume and market capitalization validate BNB’s bullish breakout.
- Improving RSI and MACD momentum indicators join sustained trading beyond the crucial support line to defend a broad bullish trend.
- Binance Coin looks set to pare its first monthly loss in five, while keeping its three-year uptrend.
Binance Coin (BNB) holds onto Wednesday’s bullish breakout at a week’s high, making rounds to $895.00 early Thursday amid the Thanksgiving Holiday mood in the U.S.
In doing so, the altcoin bulls cheer a seven-week-old descending resistance line, now support, and the 200-day Exponential Moving Average (EMA) while extending Friday’s rebound from a seven-month ascending support line. Still, the BNB faces its first monthly loss in five.
Binance Coin’s run-up also gains support from the improvement in the 14-day Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) momentum indicators to keep the BNB buyers hopeful as they defend the three-year bullish trend.
Meanwhile, upbeat trading volume and market capitalization (market cap) also validate the BNB’s bullish outlook, considering the quote’s latest rise. According to Santiment, Binance Coin’s daily trading volume hits a three-day high of $2.17 billion as the market cap refreshes weekly top near $123.17 billion as we write.
Can it defend buyers despite the monthly bearish turn? Read Here!
Binance Coin Price: Daily Chart Attracts Buyers
On Wednesday, Binance Coin price offered a daily closing beyond a descending resistance line stretching back to early October, as well as crossed the 200-day EMA for the first time since late March.
Adding strength to the bullish bias is the 14-day RSI line’s rebound from the oversold limit of 30.00 and the green histograms on the MACD.
This highlights the 50% Fibonacci retracement of its April-October upside, near $948.00, as immediate resistance to watch for the BNB buyers. However, the 100-day EMA level of $958 becomes more important as it holds the key to the altcoin’s rally toward the $1000.00 psychological magnet.
Following that, the 38.2% and 23.6% Fibonacci ratios, respectively near $1,050 and $1,175 could lure the Binance Coin buyers.
Alternatively, the 200-day EMA and the multi-week resistance-turned-support line, close to $882.00 and $855.00 in that order, could restrict short-term declines of the BNB.
In a case where Binance Coin price remains weak past $855.00 and defies the latest bullish breakout, the 61.8% Fibonacci retracement level and an ascending support line from April, near $848.00 and $800.00, respectively, will act as the bull’s last line of defense.
Notably, the BNB’s weakness past $800.00 makes it vulnerable to slump toward the 78.6% Fibonacci ratio of $702.00, June’s low of $603.00, and April’s low near $519.00.
Binance Coin Price: Four-Hour Chart Suggests Further Upside
On the four-hour chart, Binance Coin price traces the lackluster RSI, after hitting the overbought limit of 70.00, as bulls take a breather following an upside break of the descending resistance line from October and a six-week horizontal resistance.
However, the bullish MACD signals and the quote’s sustained trading beyond the multi-week horizontal support area, as well as the descending trendline from October, close to $873.00-$891.00 and $855.00 in that order, could challenge the seller’s return.
Should the BNB bears manage to smash the $855.00 resistance-turned-support, the odds of witnessing a quick fall toward the monthly low of $831.00 and the deeper levels discussed on the daily chart can’t be ruled out.
Meanwhile, BNB buyers could aim for the 200-bar EMA hurdle of $952.00, acting as the bear’s last line of defense, before approaching the daily chart’s higher levels.
Conclusion
Binance Coin’s sustained trading beyond the multi-month support line, a clear breakout of the key resistance line, and the 200-day EMA, join upbeat RSI and MACD signals to lure buyers. However, the altcoin’s further upside needs validation from the 100-day EMA hurdle near $958.00 to pare monthly loss and add to the yearly gains.
Also read: Cryptocurrency Weekly Price Prediction: BTC, ETH, and XRP Tumble on Fed Buzz; More Pain Ahead?
