Binance (BNB)’s price continues to rise as it supports Tether (USDT), despite its decline in value following the Consumer Price Index announcement (CPI). CPI can be used as a measure of inflation and to inflate BTC prices or other altcoins.
Bitcoin’s (BTC) price saw a pullback from $24,200 to $22,800 despite showing signs of a relief rally but was faced with resistance to breakout. Despite this shake-out the Binance price was still strong. Data feeds for Binance
BNB Price Analysis on the Weekly Chart
The chart shows that BNB’s price dropped to $210 per week, but bounced back and rose to $330.
As it meets resistance at $336, the price is gaining more momentum.
If the price of BMB on the weekly chart continues with this bullish structure, it could quickly revisit $450.
Weekly resistance for the price of BNB – $336.
Weekly support for the price of BNB – $300, 210.
BNB Daily Price Analysis (1D) Chart
BNB’s price found support around $270 with what appears to be an area for interest on the daily charts.
BNB bounced back from support. It formed a trendline and faces resistance to breaking above $336.
BNB currently trades at $333. It is now trying to overcome resistance around $336.
BNB prices could reach $450 if they break above $336 with high volume.
BNB has established a trendline that acts as the support area and area of concern for future buy bids. This setup will be invalidated if the trendline is broken below.
We could see BNB’s price trending up with more buy offers and the positive CPI announcement.
BNB price on daily chart has a RSI above 70. This is a sign that BNB buyers are making healthy bets.
BNB volume indicates that there were buy orders. This shows that bulls want to drive the price up.
Daily (1D) resistance for BNB price – $336.
Daily (1D) support for BNB price – $270, $220.
Prices Analysis of BNB on the Four-Hourly Chart (4H)
BNB continues to be bullish despite the fact that it has retraced to trendline support in the 4H chart. However, resistance is expected at $336.
BNB Price is at $333 and trading above the 50 and $200 EMAs with prices of $310, $280 and $320 on the 4H charts. These are support zones for BNB in the 4H chart.
Four Hourly (4H) resistance for BNB price – $336.
Four hourly (4h) support for BNB price – $310, $280.
The positive CPI news could see the BNB price break through resistance, and it would likely trend higher.
Featured Image from Bitnovo. Charts from TradingView.com