Binance Coin Hits New 2020 High After Increasing 55% In A Week

Binance coin hits a new 2020 high after the altcoin surged by an impressive 55% this week to a fresh 14-month high, surpassing the $32.50 level. against bitcoin, BNB created a 14-month high and hit the 0.003BTC mark. The latest price increase helped the coin escalate back into the top-7 cryptocurrencies by market cap so let’s find out more in today’s binance coin news.

The key support levels for the coin include $28.38, $27.17, and $25.75 while the key resistance levels include $30, $32,57, and $34.37. At the start of September, the drop in Bitcoin’s price caused the Binance coin to drop from its $26 resistance and reach the support of a 20month old rising trend line but it soon rebounded as the buyers started increasing up their volume.

BNB/USD. Source TradingView

The bullish momentum is a result of the recent Binance news with the developments of the Smart Chain and the burgerSwap craze. BurgerSwap is a Uniswap alternative that is built on the Binance smart Chain. Binance Coin hits a  2020 high with a surge of 12.5% two days ago, which led the price to a new level above the previous 2020 high of $27.17. Today, the price continued increasing and spiked by an additional 8.6% which saw the coin breaking above the $30 to set a new high of $32.57 level.

The coin retraced to the $30 area and followed a market correction as well. The first level of resistance lies above the current price of $30 and it is followed by the resistance of the fresh 2020 high of $32.57. The additional resistance is located at $34.37 and $36.48. On the other side, the first level of support lies at $28.38 which is followed by the support of $27.17. It’s important to note that both the RSI and the Stochastic RSI are in overbought territory suggesting that the coin could need further correction.

BNB/USD. Source: TradingView

The situation is similar with the BNB vs Bitcoin pair as the first one broke the February high of 0.00262 BTC to reach a fresh high of 0.00306 BTC. The resistance here is provided by the long-term 1.618 fib extension level so if the buyers push higher, the resistance lies at 0.00292 BTC and 0.003 BTC. Additional resistance lies further at 0.00324 and 0.00344 BTC. From the bearish side, the first level of support lies at 0.00273 which is immediately followed by 0.00265. Both RSI and Stochastic RSI are again, in overbought conditions.

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