- Binance Coin builds upon August support at $20 for a bullish case eyeing $30.
- BNB/USD has the potential to hit new August high as highlighted by the RSI and the MACD indicators.
Binance Coin (BNB) is on steroids as it takes down some of the barriers put in place by sellers following the dive from August high at $24. BNB has been one of the best-performing cryptocurrencies in the market in 2020. Note that in February, Binance Coin drew much closer to $30 but traded yearly high at $27.29. The fall in March affected all the digital assets with BNB plunging to lows at $6.40.
Since the breakdown in March, Binance Coin has more than tripled in value. Most of the gains have, however, been recorded in July and August. The bulls consistently continued with rally in July, to the extent of hitting levels above $20. The bullish leg was then extended to $24 in the first week of August.
Unfortunately, a reversal took precedence sending BNB to confirm support at $20.50. The fall was not necessarily a bad thing because buyers seem to have rejuvenated and are coming back stronger in a bid to trade a new August high.
Related reading: DeFi News: Kava Integrated Into Binance.com, Sold Out In Minutes
BNB/USD 4-hour chart
In the meantime, Binance Coin has been able to clear the resistance at the 61.8% Fibonacci retracement level taken between the last swing high of $24 to a swing low at $20.45. The price is teetering at $23.45 but all eyes are glued on the next hurdle at $24.
Technically, Binance Coin has the potential to hit not only highs above $24 but also trend towards $30. The RSI and the MACD clearly reflect the bullish case. In addition, volatility is high and in conjunction with the increasing volume, they could catapult BNB closer to $30.
Binance Coin Intraday Levels
Spot rate: $23.45
Relative change: 0.3455
Percentage change: 1.5%