- BNB Price creates mixed feelings about the high timeframe, as it forms an ascending triangular structure on the weekly chart and a descending triangle in the daily chart.
- BNB is more stable now that the price seeks to overcome the $340 resistance and establish bullish sentiment.
Binance Coin (BNB), despite its price pattern forming on a daily and weekly basis, continues to show strong price action. Surprisingly Bitcoin’s (BTC) volatility has had no effect on Binance Coin (BNB), though BNB offers more chance of an October high. (Data from Binance).
Weekly Chart Price Analysis for Binance Coin (BNB).
The price of BNB showed a remarkable price movement over the past weeks, rising to $337 at the peak before being rejected. However, it has managed to overcome the rejection quite well. Price bounced back from $270 per week to $283 in the region as long as there is no change to the region.
BNB’s price recovered to $270 following a rejection. This was in addition to the impact of the Federal Open Market Committee and Consumer Price Index (CPI). BNB’s price has remained stable over weeks, and the prices are showing better price movement.
BNB’s price needs to break and hold above $350 for the price to rally to a higher region with more bullish sentiments.
Weekly resistance for the price of BNB – $337.
Weekly support for the price of BNB – $270.
BNB Price Analysis On The Daily (1D), Chart
The price of BNB is trading below the key resistance in the daily price range. This price attempt to rise above higher levels has been unsuccessful on multiple occasions. BNB bulls are fighting hard to protect the $270 price region, which holds the key for a rally to prevent it from rising higher.
BNB’s price continues to increase as it forms an ascending triangle with a breakout that could signal a relief rally.
BNB prices trade at $280 above 50 Exponential Moving Averages (EMA). These prices correspond to BNB’s daily price at $50 EMA.
BNB could experience a break above $350, which would indicate a bullish mood in October. Many traders and investors expect a green October. This could lead to an increase of up to $400.
Daily resistance for the BNB price – $300-$340.
Daily support for the BNB price – $270.
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