Binance Coin (BNB) price continues to look strong as it maintains support against Tether (USDT) following the Consumer Price Index (CPI) announcement. CPI tends to provide a measure of inflation in the economy while stimulating BTC prices and other altcoins.
Bitcoin (BTC) price has seen a drop from $24,200 to $22,800 despite showing signs of a recovery rally but has faced resistance to a breakout. Despite the market shakeout, the price of Binance coin remained strong. (Binance data feeds)
BNB price analysis on the weekly chart
Weekly BNB Price Chart | Source: BNBUSDT On Tradingview.com
From the chart, the price of BNB hit a weekly low around $210, which bounced off this area and surged to a price of $330.
The price has built more momentum as it faces resistance at $336.
If the price of BMB on the weekly chart continues this bullish structure, it could quickly rally back to $450.
Weekly resistance for BNB price – $336.
Weekly support for the price of BNB – 300, $210.
BNB price analysis on the daily chart (1D).
Daily BNB Price Chart | Source: BNBUSDT On Tradingview.com
BNB’s price found strong support around $270 which appears to be an interesting area on the daily chart.
BNB rallied off its support and formed a trendline as it faces resistance to break above $336.
At the time of writing, BNB is priced at $333 and trying to break the resistance in the $336 area.
If BNB price breaks the $336 resistance on good volume, BNB price could surge to a high of $450.
The trendline formed by BNB acts as a support and area of interest for subsequent buy bids. A break of this trendline below will invalidate the setup.
With more buy bids and the positive CPI announcement, we could see the price of BNB trending higher.
The RSI for the price of BNB on the daily chart is above 70, indicating healthy BNB bids.
The volume for BNB shows bids, this shows that bulls would like to push the price higher.
Daily (1D) resistance for BNB price – $336.
Daily (1D) support for BNB price – $270, $220.
BNB price analysis on the four-hour (4H) chart.
Four-hour BNB price chart | Source: BNBUSDT on Tradingview.com
BNB price has continued to maintain its bullish structure despite returning to its trendline support on the 4-hour chart as the price faces resistance at $336.
BNB price is $333 and is trading above the 50 and 200 EMA with prices of $310 and $280 on the 4-hour chart. These prices would serve as support areas for BNB on the 4-hour chart.
Four-hourly (4H) resistance for BNB price – $336.
Four-hour (4h) BNB price support – $310, $280.
With the positive CPI news, the price of BNB might break the resistance and trend higher.
Featured image by Bitnovo, charts by TradingView.com
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