Binance Coin Moves Below the 20 SMA Which Turned Into Resistance, But Will It Last?

As cryptocurrencies keep going on this amazing bullish trend and continue to make new highs, all of them are taking turns in leading the way higher. Bitcoin made some new highs yesterday, pushing to $64,820 according to my broker, while Ethereum reached $2485 earlier today, which was a new record high.

Binance or BNB/USD was the last cryptocurrency to join the crypto surge. It was trading flat around $40 until the end of January, but in February it started surging. The first leg took the price to $388 by February 20, while the second one took Binance to $608 until a few days ago.

The Initial Public Offering of Coinbase two days ago on NASDAQ was keeping the sentiment bullish for Binance. But, it has been retracing lower in the last few sessions, falling below the 20 SMA (gray) on the H4 chart. This moving average has been acting as support on the way up, but now it has turned into some form of resistance. Although, the price is not falling too fast, which is a sign that sellers ar weak. The trend still remains bullish, so it should resume soon.

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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