BNB Technical Analysis: Bulls Resurface Within The Falling Wedge

Key technical points:

Past Performance of BNB

BNB prices fail to sustain above the $400 mark after a bearish breakdown of the prolonged consolidation in the 4-hour chart ignites a downfall. The downfall finds bearish support with a boom in selling pressure evident by the increasing trading volume. Moreover, the bearish patterns account for a 40% devaluation in the last week.

Source-Tradingview

BNB Technical Analysis

BNB price action showcases a lower price rejection and delays the bearish breakout of the descending support trendline. Moreover, the small bullish candle forming at the trendline marks the possibility of a reversal. 

The super trend indicator shows a bearish trend in motion, as the market prices remain under the ATR line. 

The Stochastic RSI shows a sharp fall in the K and D lines representing a bear cycle in action. However, the lines approach the oversold zone reflecting a high possibility of a crossover leading to a reversal. This adds points to the bullish reversal ideology from the descending trendline.

The DMI indicator shows a supreme bearish trend as the DI lines continue to diverge in the bearish alignment, with the ADX continuing to rise. Thus, the indicator reflects a high momentum downtrend.

In short, the BNB technical analysis reflects a weak possibility of a bullish reversal.

Upcoming Trend

Hoping the buyers resurface at the descending trendline, the BNB market price can find an upside move of 20% growth to hit the $290 mark. However, it will be difficult to surpass the resistance trendline as the overall market corrects and with the BTC prices under $30K.

Support levels: $250 and $200

Resistance levels: $290 and $325