- BNB’s price continues its bullish structure after a reclaim of this region as the price stays on track to reject major resistance.
- BNB trades exceed key support, as price reclaim 8 or 20-day EMA.
- BNB’s price aims for a bottom that is rounded on a daily basis.
Binance Coin’s (BNB) price movement against USDT has been more positive since it regained a bullish structure. Binance Coin (BNB), which has seen a positive response from the altcoin and crypto markets, continues to rebound from key support areas. BNB’s price looks more stable in anticipation of a retest at key resistance at $337. Data from Binance
Binance Coin (BNB), Analysis of the Weekly Chart.
The market was filled with uncertainty, and BNB failed to maintain its support of $270. However, BNB’s price in the region showed strong strength.
It’s clear that the BNB price is showing great signs of recovery. It now exceeds the ROI for major cryptos despite the massive fall from around $660 in the recent months.
BNB saw a rally to around $340 over the past weeks but then was rejected as the price fell below the bullish structure that it had created. BNB was the catalyst for a renewed belief in recovery as BNB moved the price from $270 up to $298. As the price prepares to face major resistance, the price has moved as high as $270.
BNB’s price needs to break and hold above $350 for the price to resume more bullish scenarios to a region of $400-$450. We could see $300-$290 support for the price to prevent it from selling if BNB is rejected at $340.
Weekly resistance for the price of BNB – $340.
Weekly support for the price of BNB – $290-$270.
BNB Price Analysis On The Daily (1D), Chart
BNB’s daily price continues to be strong. The price is aiming to break its bullish pattern, which has seen it reach a round bottom. The price could rally to $400 if BNB breaks out of this pattern.
BNB trades currently at $295, which is higher than both the Exponential moving average (EMA) and 8-day EMA. Prices of $290, $280 and $330 correspond with the BNB prices on the daily basis.
Daily resistance for the BNB price – $340.
Daily support for the BNB price – $290-$270.
BNB Onchain Analysis
BNB looks cheaper based on the analysis of the blockchain. This is despite bearish market sentiment. BNB’s one-month ROI (return on investment) was 12%, which is a significant improvement over other cryptocurrency assets that have been struggling for months.
Featured Image from Zipmex and Charts From Tradingview.