BNB Technical Analysis: Binance Coin Set to Break $250 Level
Table of contents
Past Performance of BNB
BNB technical analysis is bullish today. The Binance Coin price is trading in a positive zone above the $206 level. The price will likely continue higher towards the $250 or $255 resistance levels soon. Binance Coin formed a support base near the $206 level and later started an upside move. There was a break above the $220 level, plus the 23.6% Fib retracement level of the recent decline from the $245 high to the $206 low.
The price climbed above the $230 level but failed to continue higher. However, there was no bearish reaction, and the price remained well supported near the $225 level. As a result, another push and the price climbed above the $230 resistance zone.
Source- Tradingview
BNB Technical Analysis
The Bollinger bands are showing that the Binance Coin is in a bullish trend as the price is trading above the middle line. The RSI is currently at 62 and is slowly heading towards the overbought region, which shows that the coin is gaining momentum. The MACD indicator is also bullish as the signal line has crossed over the histogram. Therefore, we expect the Binance Coin to continue its upward trend and touch the resistance levels of $250 and $270 soon.
The SMA50 (Simple Moving Average) and the SMA200 are both heading north, indicating that the path of least resistance is to the upside.
Upcoming Trend
If the Binance Coin sustains above the $250 level, it will likely continue its upward trend. The next target for the bulls would be $300.On the other hand, if the Binance Coin turns down from the current levels and breaks below $206, it is likely to resume its downtrend.