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Vikram
Apr 29, 2022
by Vikram

BNB Technical Analysis: Buyers Ready To Retest $450

BNB
BNB coin price action shows a sharp reversal from the support trendline within the falling wedge and creates higher chances of a bullish breakout.

Key technical points:

  • BNB price sustains above the $400 mark.

  • The EMAs maintain a bearish alignment.

  • The 24-hour trading volume of Binance is $2.003 Billion, reflecting a rise of 22%. 

    • Past Performance of BNB

    BNB coin price shows a short-term correction rally in a falling wedge fashion accounting for a downfall of 15% downfall last month. However, the recent rise with a morning star pattern in the previous 48 hours reclaims the $400 mark. Furthermore, the monthly deflation rate goes from 15% to 10%. 

    TradingView Chart

    BNB Technical Analysis 

    The BNB coin shows a bullish engulfing candlestick to test the short-coming resistance trendline. Moreover, a spike in trading volume reflects the bullish commitment behind the price jump. Hence, the chances of a bullish breakout increase. 

    The flattish trend of the crucial daily EMA provides opposition to the bull run while maintaining a bearish alignment. However, the breakout of the EMAs will signal a buying spot. 

    MACD Indicator: The MACD and signal lines maintain a bearish trend, crossing below the zero line. However, a potential bullish crossover arises as the bearish spread decreases.

    RSI Indicator:  The RSI slope reaches the halfway mark from the nearly oversold zone and surpasses the 14-day average. Hence, the indicator reflects a spike in the underlying bullishness.

    In a nutshell, the BNB technical analysis indicates a high likelihood of a bull run above the resistance trendline.

    Upcoming Trend 

    The upcoming trend in the BNB depends upon the trendline breakout and the limiting EMAs keeping the uptrend under check. The breakout rally will only reach the $450 mark if it exceeds the 200-day EMA at $430.

    Support Levels: $400 and $380

    Resistance Levels: $430 and $450

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    BNB Technical Analysis: Buyers Ready To Retest $450
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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