BNB Technical Analysis: BNB/USD in Slight Bullish Momentum
Table of contents
Key Technical Points:
Past Performance of BNB
BNB technical analysis is bullish today. On the 4-hour chart, BNB/USD found support at $206 and is currently trading at $224. The closest resistance is at $244.
On the upside, if the bulls can push the price above $244, we could see a move towards $280. On the downside, if the bears can push the price below $206, we could see a move towards $170.
Source - Tradingview
BNB Technical Analysis
The Bollinger bands are pointing to some consolidation in the market. The RSI is currently at 54, indicating that the market is neither overbought nor oversold. The MACD is currently above the signal line, indicating that the bulls are in market control.
On the daily chart, BNB/USD trades above the 50-day and 200-day simple moving averages (SMAs). The RSI indicator is in the overbought region but shows no signs of a bearish divergence. The MACD indicator is also in bullish territory.
The Ichimoku Cloud is bullish on the BNB/USD pair. The four-hour chart shows that the Tenkan-sen is above the Kijun-sen, indicating that the market is in an uptrend. The Cloud is also bullish, which further confirms the uptrend.
Technical indicators indicate a bullish trend in the BNB/USD pair. However, traders should be cautious as the RSI indicator is in overbought territory, leading to a price correction in the near term.
Upcoming Trend
If the bulls can push the price above $244, we could see a move towards $280. On the downside, if the bears can push the price below $206, we could see a move towards $170.