Binance Coin Breaches New Record High Of $175: Price Analysis

Binance coin breaches a new record high of $175 with chances of hitting $200 remaining possible as the price increased over 20% and outperformed BTC against USDT as we read more in our binance coin news today.

BNB rallied above $150 and traded to a new all-time high of $176 with the coin gaining bullish momentum above $150 against the USDT and breaking over a major bearish trend line with resistance near the $130 on the 4-hour charts of the pair which could start a short-term downside correction if the bulls don’t manage to protect the $150 region. Over the past few days, BTC and ETH as well as BNB extended their gains and the price formed a support base above $120, starting another strong surge upwards. The price cleared a $150 resistance level and settled above the 100 simple moving average while breaking above the major bearish trend line over the $130 resistance on the 4-hour charts of the pair.

Binance Coin breaches a new record level as it rallied 20% and spiked above $174 and the new all-time high was formed near the $176 with the price consolidating the gains. It is testing the 23.6% fib retracement level from the upward move at $126 low to $176 high. The next major support is close to the $150 zone and it is close to 50% of the upwards move from $126 low to $176 high. The dips to $150 could find a strong buying interest in the near-term so more losses could even open the doors for a push above $125 support. If BNB remains stable above $150, it could continue rising with the initial resistance on the upside nearing the $175 zone and the $176 as well.

Breaking above these levels could clear the path for a 10-15% rally and the price could even hit $200 in the upcoming sessions. The 4-hour MACD for the pair is gaining momentum in the bullish zone while the 4-hour RSI is now in the overbought zone.
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As previously reported, Traders on the exchange now pay fewer fees with BNB while investors are able to lock token holdings to newly launched coins on the Binance Launchpad. Changpeng Zhao who is the CEO of binance took it to Twitter to explain the recent developments and urged people to look at the bigger picture and to stay calm because this is only the beginning for setting record highs. Later on, he offered some more comments while displaying the BNB price of $60 saying that he will move off twitter for a while.