- BNB prices range between 50 and 200 EMA depending on the day.
- BNB shows strong bullishness in the 4H period as price breaks an Asymmetric Triangle
- This price may be poised for a retest of the $280 1D and 4-H resistances.
Binance Coin (BNB), although showing bullish strength, has been struggling to keep up with USDT. The price of Binance Coin is currently at $337 resistance, which acts as a strong resistance area. As a result, BNB’s price has been in a downward trend since it broke through its bullish structure. Data from Binance
Weekly Chart: Binance Coin (BNB), Price Analysis
BNB prices have fallen recently, after jumping from a weekly low at $210 to a peak of $340. After facing rejection by the stip, the price failed to recover its bullish tendency.
BNB remains above its critical support of $270. This serves as a strong demand zone for purchase orders. To trend higher, the price of BNB needs to break above its weekly resistance at $280.
The price of BNB needs to break the resistance at $280 in order for a relief bounce. This is what prevents BNB’s trend from rising higher. BNB may retest $280 if it continues to decline. We could also see $270 on the weekly charts.
BNB’s price could break above $340 and start a significant rally. This is a difficult area for BNB prices to move out of.
Weekly resistance for the price of BNB – $340.
Weekly support for the price of BNB – $270.
BNB Prices on The Four-hourly (4H), Chart
BNB’s price continues to rise in the fourth quarter, after breaking its downtrend and forming an asymmetric triangular with high volume.
BNB’s price is $278. This is more than the 50 EMA, but less than the 200 EMA. BNB’s price is supported by the 50 EMA, and the 200 EMA serves as resistance. BNB prices at the 200 EMA and 50 EMA are $274 and $280 respectively.
Four-Hourly resistance for the BNB price – $280.
Four-Hourly support for the BNB price – $274-$250.
BNB onchain analysis
On-chain analysis shows that BNB’s price is more stable than other cryptocurrency assets, which has resulted in a decent return on investment (ROI). The price of BNB can rise with the support from partners and investors.
Featured Image from zipmex, Tradingview Charts and Messari
