Binance Coin Rebounds Near $860 Resistance, Eyes $1,100
The price of Binance Coin (BNB) has recovered above key moving averages after rebounding from a low of $729. The current BNB price of $843.30 sits just below the $860 resistance level, with traders awaiting a breakout. Short-term BNB price momentum is supported by an upward-sloping 21-day SMA that sits above the 50-day SMA, signaling a clear uptrend on both daily and 4-hour charts. A successful breach of $860 could drive Binance Coin to the 1.618 Fibonacci extension at $1,058.70 and possibly test $1,100. Key support levels remain at $800, $600 and $550. Overall, Binance Coin price action remains bullish as long as it holds above the 21-day SMA.
Bullish
The bullish categorization stems from BNB’s sustained recovery above critical moving averages and repeated tests of the $860 resistance. On both daily and 4-hour charts, the 21-day SMA crossing above the 50-day SMA and upward-sloping MAs indicate strong upward momentum. Historically, BNB’s breach of similar resistance zones around $800 in July preceded a rally to $900 and beyond. The current consolidation below $860 suggests accumulation before a potential breakout, supported by Fibonacci extension targets at $1,058.70 and psychological resistance near $1,100. In the short term, a decisive move above $860 might trigger bullish trading activity, while in the long term, maintaining above the 21-day SMA could attract momentum buyers and solidify the uptrend.