Binance Coin price analysis: BNB price above $18 after burn

The seventh-largest currency Binance Coin price experienced a minor increase of a little over two percent (2.14) in the last twenty-four hours.

BNB price is currently changing hands at a little over eighteen dollars ($18.50). This increase in price was followed by a little over six percent (6.62) price growth over the last week.

This recent price increase can be due to the latest conducted quarterly burn for the BNB by Binance, in this ninth quarterly burn more than two million BNB was burned worth thirty-six million dollars ($36).

The decrease in the supply generally helps to increase the price, however; the reaction is usually delayed. Nonetheless, this recent price increase also have had happened since BNB was rising against Bitcoin, which tends to indicate that currently, bullish run prevails.

Binance Coin price movement: What to expect?

BNBUSD 1DBinance Coin price chart by Trading View

The Binance Coin price was rising continuously until it reached the resistance at a little over Fib Extension (1.272) at a little over eighteen dollars ($18.85). BNB price then dropped into the support at a little over seventeen dollars ($17.30), however; the coin burn supported the market to rebound towards the previous levels.

Binance coin price movement: Resistance and support

The resistance, in the beginning, is expected to be at a little over eighteen dollars ($18.85) mark. Above this, the resistance is found at a little over nineteen dollars ($19.55), a little over nineteen dollars ($19.93) and twenty dollars ($20).

Above twenty dollars ($20), the resistance lies at a little over twenty dollars ($20.92) and then between a little over twenty-one dollars ($21.94) and twenty-two dollars ($22.50), where the hundred –days and two hundred-days EMAs lies.

The closest levels of support lie at a little over eighteen dollars ($18) and a little over seventeen dollars ($17.30). Further support is found at seventeen dollars, a little over sixteen dollars ($16.11), a little over fifteen dollars ( $15.54) and a little over fourteen dollars ($14.65).

Featured Image by Marco Verch