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BNB Rally Reaches Crucial Juncture

The price of the Binance coin is over 7 percent, outperforming Bitcoin against the USDT. If it crosses the $35.50 support zone in the near term, the BNB could rally further.

Bitcoin, Ethereum, ripple, and binance coins have begun a sharp rise in the last few days. Before beginning a strong rise, the BNB price established a support base around $26.60.

On the 4-hours chart of the BNB/USDT pair, there was a break above a critical bearish trend line with resistance around $28.00. The pair gained speed above the level of $30.00 and the 100 simple moving average. There was also a break from the $35.49 high to $26.67 low above the 61.8 percent Fib retracement stage of the downwards move.

BNB, with a bullish perspective, is now trading over the $35.00 mark. A substantial resistance near $35.50 and the previous swing high are now being tested. If there is a strong break over the $35.50 resistance, a sharp rise could occur. Near the $37.50 mark is the next big resistance. The downward shift from the $35.49 high to the $26.67 low is similar to the 1.236 Fib extension mark. For the bulls, the next big stop may be at the $40.00 mark. In the near term, any more upsides could be minimal until Bitcoin clears the $25,000 mark.

As reported, if BNB fails to clear the resistance ranges of $35.50 and $35.60, it could begin a correction to the downside. The initial assistance is similar to the $34.50 mark.
The first big support is near the level of $32.00, below which the price could extend its decrease. In the case listed, the $30.00 support zone could be revisited by the price.

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