BNB Technical Analysis: Can Binance Token Price Survive Above $300?
Table of contents
Key Technical Points:
Past Performance of BNB
The Binance (BNB) price action displays a remarkable increase in selling pressure from the 200-day EMA, resulting in a bearish turnaround. The downtrend bricks below the 50 and 100-day EMA and the psychological mark of $300. However, the downtrend takes support at the ascending trendline and forms a morning star pattern to reassert its dominance.
Source - Tradingview
BNB Technical Analysis
The BNB price action displays a 6.38% jump this weekend to form a bullish engulfing candle, closing above the $300 mark. However, the current bearish candle undermines the bullish attempt and projects a high likelihood of a downtrend continuation.
The RSI indicator displays a bullish reversal in the RSI slope crossing above the halfway line after a fatal dip into the nearly oversold zone. Moreover, the increasing bearish gap between the fast and slow lines projects a rise in selling pressure. Hence, the technical indicators support the bearish intention of the daily candle.
In brief, the BNB technical analysis forecasts a potential downtrend retesting the support trendline.
Upcoming Trend
BNB prices can rechallenge the sellers at the 200-day EMA if the prices sustain above the psychological mark of $300 or the 100 days EMA. However, the downtrend continuation below the support trend line will retest the crucial support of $265.
Resistance Levels: $300 and $335
Support Levels: 50-day EMA and $265