BNB Technical Analysis: Binance Above $300, Prepares Another Jump
Table of contents
Key Technical Points:
Past Performance of BNB
As predicted in our previous article, the BNB price retests the broken range, and with the 100 SMA acting as a bullish launchpad, the trend reverses to crack above $300. The successful post-retest reversal comes after multiple Doji candles near the $280 mark. Moreover, the bullish engulfing candle of 4.90% jump undermines the declining trend due to supply pressure at $295. Hence, the price action displays a high possibility of uptrend continuation as the buying pressure increases gradually.
Source - Tradingview
BNB Technical Analysis
As the BNB price trend breaks above the psychological mark of $300 and shows a bullish trend continuation, the improved underlying sentiments are evident. Hence, traders can hope the uptrend reaches the overhead resistance at $350, accounting for a price jump of 15%. Moreover, the intraday trading volume spike supports the bullish breakout rally.
As the Binance market price grows above the 100-day SMA, traders can expect the uptrend to reach the 200-day SMA, close to $250.
The RSI slope maintains the uptrend to reach the overbought zone reflecting an increase in the underlying bullishness. However, a slight bearish divergence arises with the breakout rally teasing a potential bear attack.
Moreover, the MACD indicator shows a positive trend of the fast and slow lines with a significant bullish spread. Hence, the technical indicator shows a high possibility of an uptrend continuation.
In summary, the BNB technical analysis maintains a positive outlook for the upcoming trend as the buying pressure increases.
Upcoming Trend
If Binance prices exceed the $300 mark, the demand for BNB increases which may fuel the uptrend to reach the $350 mark. Conversely, a bearish reversal will retest the $300 breakout or lead to a drop to 100-day SMA if the selling pressure increases.
Resistance Levels: $325 and $350
Support Levels: $300 and $280