BNB Technical Analysis: BNB/USD Trades Sideways
Table of contents
Key Technical Points:
Past Performance of BNB
BNB technical analysis is in a consolidation phase today. The Binance Coin is currently trading at $230 after finding support at $206. The coin has been slightly uptrend since then and is up by 1% in the last 24 hours. There is minor resistance at $244, but the bulls will likely push higher soon.
The long-term picture for BNB looks very promising as well. The coin has been on an uptrend since March 2020 and has been up by over 400%. The current rally could extend further in the coming months as the fundamentals remain strong. Binance is one of the leading cryptocurrency exchanges in the world and has been proliferating. This should continue to benefit BNB in the long run.
Source- Tradingview
BNB Technical Analysis
Current market sentiment is positive, and the short-term technical outlook is bullish. The 100 EMA line is slightly below the current market price, which signifies that the path of least resistance is to the upside. Overall, the BNB/USD pair looks set to continue its uptrend in the near term with a possible push towards $244. A break above this level could open up the upside towards $280.
On the 4-hour chart, the MACD is currently in a bullish zone. The RSI is also above 50 levels, indicating that the bulls are in control. However, the stochastic indicator is overbought at the moment, and a bearish crossover could signal a short-term correction.
Upcoming Trend
BNB is in a slight uptrend in the short-term with minor resistance ahead at $244. The long-term picture also looks very promising, and BNB could continue to rally higher in the coming months.