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The BNB prices inflate within a rising channel pattern to sustain above $250 but face opposition from an old resistance trendline.
Key Technical Points:
- The BNB prices jumped by 3.86% in the last 24 hours.
- The reversal from the 50-day SMA starts a bull cycle within the rising channel.
- The 24-hour trading volume of Binance is $912 million, indicating a drop of 8.52%.
Past Performance of BNB
As mentioned in our previous analysis, the BNB prices sustain the wedge breakout rally and form a rising channel pattern. However, the prices fail to reach the $300 mark due to the supply pressure build-up near the resistance trendline resulting in a descent to the support trendline. Finally, the prices recover with a lower price rejection to cross above $250 and face the bearish trendline once again. Source – Tradingview
BNB Technical Analysis
The bull cycle restarting in the BNB price chart will face a bearish confluence of the $262 horizontal level and the resistance trendline. However, traders can find an advantageous breakout entry spot if the buyers successfully overpower the supply inflow at the resistance trendline. The market value of Binance’s native token is upheld above the 50-day SMA, which cushions the bearish attempts. However, the bullish breakout of the resistance trendline will also face the 100-day SMA acting as a bearish threshold. The MACD and signals lines merge after the recent bear attack and will diverge to regain bearish alignment if the prices fail to rise above $265. However, the RSI indicator maintains an uptrend, as the chart shows no signs of bearish divergence, which increases the possibility of a bull run. In simple terms, the technical indicators have a bullish view supporting the BNB technical analysis.
The BNB market value is expected to shoot up by 12% upon the $262 breakout to reach the psychological mark of $300. However, a reversal will lead to an 8% price drop to the 50-day SMA. Resistance Levels: $265 and $300 Support Levels: $250 and $235