bnb-price-analysis:-binance-coin-increases-7%-following-new-ieo-announcement

BNB Price Analysis: Binance Coin Increases 7% Following New IEO Announcement

BNB/USD – Buyers Push BNB Back Above $30.

Key Support Levels: $27.17, $26, $24.90.
Key Resistance Levels: $30, $31.30, $32.60.

Binance Coin has been performing extremely well since it bounced from the support at $23 in late-September. So far, the coin has increased by a total of 35% since then as it hits the $30.72 resistance level today – provided by a long-term 1.414 Fib Extension level.

The price surge today allowed BNB to create a fresh October high above $30 after the exchange announced the IEO for Inejective Protocol (INJ) today.

bnbusd-oct12
BNB/USD Daily Chart. Source: TradingView

BNB-USD Short Term Price Prediction

Moving forward, if the buyers can continue to drive further beyond $30.72, resistance is first expected at $31.30 (August 2019 High-day closing price). This is followed by resistance at $31.88, $23.57 (1.618 Fib Extension), and $33.45 (September 2020 Highs).

Additional resistance then lies at $34.45 (July 2019 High) and $35.12.

On the other side, the first level of support lies at $30. Beneath this, support is found at $29.30, $28, $271.17, and $26.43 (.5 Fib).

The RSI is approaching overbought conditions. However, the Stochastic RSI is far from being overbought. This suggests that the market still has room to climb further higher.

BNB/BTC – Bulls Rebound From 0.0025 BTC (.382 Fib) Support

Key Support Levels: 0.00265 BTC, 0.0026 BTC, 0.0025 BTC.
Key Resistance Levels: 0.00274 BTC, 0.0028 BTC, 0.00285 BTC.

BNB also rebounded quite strongly against Bitcoin today. The coin had been falling throughout last week as it dropped from 0.00274 BTC to reach the support at 0.0025 BTC (.382 Fib).

The buyers fashioned a rebound from this support today as they pushed higher to break the June 2018 highs at 0.00256 BTC and reach as high as 0.0027 BTC.

bnbbtc-oct12
BNB/BTC Daily Chart. Source: TradingView

BNB-BTC Short Term Price Prediction

Looking ahead, if the buyers continue to push higher again, the first level of resistance is expected at 0.00274 BTC (Oct highs). Above this, resistance lies at 0.0028 BTC, 0.00295 BTC, 0.00292 BTC, and 0.003 BTC.

On the other side, the first level of support is located at 0.0026 BTC (.236 Fib). This is followed by support at 0.0025 BTC (.382 Fib) and 0.00243 BTC (.5 Fib).

The Stochastic RSI has produced a bullish crossover signal in oversold conditions, which is a strong buy signal.

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