Binance Coin Jumps To $21.47, Can BNB Refuel BTC?

The price of Binance Coin jumps to new levels today and BNB is gaining bullish momentum above the $21 resistance against the US dollar. This action is closely monitored in the altcoin news and rumors and shows that BNB could start an upward move if BTC remains stable above $9,000.

But why is the actual correlation to Bitcoin (BTC) relevant to Binance’s BNB token?

Well, we have seen altcoin momentum triggering a lot of cryptocurrencies in the past, especially Bitcoin. In some cases, the action is vice versa but anyways, the price of Binance Coin jumps now and will likely rise further if it clears the $21.45 and $21.50 resistance levels.

We could previously see a bullish break by BNB, where the price surged by more than 3% and broke the $21 resistance. The major bearish trend line positioned at $19.98 was swiped away and the 4-hours chart of the BNB/USDT pair promised a lot of good things.

Today is the second day when the latest Bitcoin news show gains and a position above $9,000 – BTC is right now trading at $9,125 with a 0.78% increase on the day. This could change soon but we hope that even if it does, the dominant cryptocurrency will remain in the bullish zone.

Anyways, what is crucial for Binance Coin (BNB) is the $23.25 price level which was the high before – the same one which crashed and led to the $17.69 low which is also actin as a strong resistance. If BNB rises above the $21.50 and $22 levels, we could see a rise towards the $22 and $23 levels.

The market sentiment is also likely to improve if the price gains pace above $21.20. In such a scenario, BNB may help Bitcoin in rising steadily towards $9,200 and then $9,340 which are the next levels for the dominant coin.

If BNB fails to clear the $21.50 and $22 levels, we could also see a downside correction. An initial support is now seen at the $21 level. The bulls need to defend this level and see if the price retests the $20 area.

Any further losses could push the bulls on the back foot. The price is likely going to slide towards $18.80 in the near term. Overall, the current price action is positive and we could see how Binance jumps to another positive level above $22 very soon if this sustains.