Binance Coin (BNB), seems to be moving upwards, with support at $275, and resistance at $255.
According to CoinMarketCap, the Binance Coin’s price has spiked by 3.06% or $300.17 as of this writing.
BNB is currently tapping on $240 as a support zone, instigating an aggressive bullish move that could push the coin closer to $300. The coin continues to be under strong selling pressure.
The crypto market is showing positive price movements, which indicate a bullish rally in the last 24 hours.
Chart: TradingView.com
Bullish Movements Seen with Strong Buying Activity
TradingView says that the MACD looks extremely bearish, as shown in the chart’s red color. But, the histogram’s lighter shade implies a plunge in bearish momentum as BNB goes for a support above $280.
The price movement in the past ten days has been very low. Despite the high buying activity, the current EMAs show a bullish trend at the 12-EMA towards the 26-EMA. This shows how much buying takes place.
The RSI reached the overbought level on July 29th, but has continued to slide since. The index is also at 40.00. It looks quite neutral. Bollinger Bands have narrowed, indicating that price volatility is also low. The upper limit, at $276.80 currently provides support while its lower limit at $294.1 is a resistance.
The Binance Coin may soar past $350
The price analysis of BNB indicates a strong buy signal, with more than 13 indicators indicating an uptrend. Technical analysis shows strong bearish dominance, but also reveals a very low buying activity in that time frame. At the time of writing, approximately 9 indicators were neutral and had no signals.
BNB price analysis reveals that the coin’s bullish movement started when it plunged to $240 and the point when the buyers pushed back. This buying action triggered BNB’s price to soar to the $300 resistance level.
Binance Coin’s (BNB), flipped from $275 as support on August 2. This indicates a strong buyer activity and positive sentiment. Bulls now want to drive the price higher so that it surpasses the $300 resistance. If the attempt succeeds, then the BNB/USDT pairs could gain momentum and rise above the resistance at $350.
The daily market capitalization of crypto is $1.26 trillion | Source: TradingView.com Featured image taken from TIME. Chart from TradingView.com