The bulls for Binance coin (BNB), appear to be breaking key resistance. There is a lot of buying pressure, which could drive BNB price higher.
BNB is looking really strong now that it has shown some positive indicators in recent days. BNB bulls have created a lot more bids than usual, driving up the price despite market uncertainty.
BNB Daily Chart Analysis
BNB trades at $304.5 per day, even though Bitcoin (BTC), which fell to $23,100 from its previous high of $38,905, is trading at support. BNB’s price looks solid despite market bearishness, which suggests that bulls are continuing to hold onto BNB.
BNB traded above the 50-emphasic moving average (EMA), however, it is below the 200-emphasic moving average (EMA). BNB crossed the 50 EMA daily on the chart in good volume. It then made a clean retest and showed more bullish signals.
BNB will face its first significant resistance at the 200 EMA. If successful, BNB could be in a position close to $380.
The daily chart shows that BNB’s price formed a bullish triangle in the symmetric triangle. This successful breakout confirms that bulls can easily push BNB past its resistance, if the market conditions favor it.
Major resistance on the daily chart – $327.40.
Major support on the daily chart – $270.
BNB Price Analysis on The 4H Chart
BNB is showing an uptrend on its 4H chart with swing highs to the resistance at $327.40. BNB must break the key resistance to gain more upside. However, if this trend does not continue BNB may retest support at $297.25 or $285.
BNB is trading above the 50 & 200 EMA, indicating an uptrend direction for the period until invalidated or fails to break above the resistance level of the $327.40 mark.
BNB will likely return to the $497.25 support area if it fails to overcome the resistance at $327.40.
Resistance on the 4H chart – $327.40.
Support on the 4H chart – $297.25, $285.
BNB Chart Analysis
BNB’s hourly price looks reasonable.
The price of BNB is above 50 & 200 EMA.
The relative strength Index is higher than 60
Volume shows that there are strong buy-bids
Resistance on the 1H chart – $327.40.
Support on the 1H chart – $297.25.
BNB is a solid project and has an attractive use case. Bids would always be placed should the price go lower than the price that is fundamentally backed.
BNB appears bullish and strong on both a high and low timeframe. Bulls are ready to push it higher. BNB will have a great rally if the key resistance is broken.
Featured image by Watcher Guru. Charts from TradingView.com