- Binance Coin struggled with the resistance $16.00 and at $17.50 before extending the gains at the critical $20.00 level.
- Reaction to the double top pattern results in a slide testing $22.50 support but technical is still intact.
BNB/USD is simply the best performing altcoin in 2019 after surging a whopping 74.11%. The daily chart shows the price trading above the 100-day simple moving average (SMA) 1-hour. Moreover, it is trading above the trendline while recording higher highs and higher lows. Investors’ sentiments continue to change positively towards BNB token following the launch of various products like the Binance Chain mainnet, Binance DEX, and Binance Launchpad.
BNB/USD daily chart
Binance Coin struggled with the resistance $16.00 and at $17.50 before extending the gains at the critical $20.00 level. The trading in April has sent BNB past $25.00 to the extending forming a high roughly at $26.06.
Binance reacts to a longer-term double-top pattern
The price reversed the trend after failing to correct above $26.06, in turn, forming a double top pattern. Reaction to the pattern has culminated in the ongoing declines. While valued at $23.93 the crypto appears to have found support $22.50. Despite the correction technical levels have remained intact. The relative strength index (RSI) in the daily timeframe is positioned in the overbought although heading south at press time.
Trends of the MACD
The moving average convergence divergence (MACD) has been sitting comfortably in the positive region since the beginning of February. Over the last few weeks, the indicator’s divergence has continued to increase to show that BNB bulls are gaining traction. Besides, the MACD at 1.9 is still poised for more correction to the upside; a move that is likely to bring the price closer to the all-time high.
In the event the ongoing declines fail to find support at $22.50, there are other support levels that are likely to come in handy including $20.00, $16.00 and $12.00.
BNB Key Technical Levels
100 SMA daily: $13.10
MACD daily: +1.9
RSI 1-hour: 70.00
Support 1: $22.50
Support 2: $20.00
Support: 3: $16.00
Resistance 1: $26.06 (recent high)
Resistance 2: $26.67 (all-time high)
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