BNB Technical Analysis: Is Retest at $300 A Bullish Launchpad?

The BNB technical analysis displays a reversal uptrend with prices struggling to stay above the $300 mark due to selling pressure, despite a strong bullish breakout possibility.

Binance Coin (BNB) delivered a rise of more than 8.34% despite a recent slash in the market sparked by liquidity crises in the crypto exchange FTX and the collapse of a deal between Binance and FTX. BNB could not maintain the bull run and plunged below $295 as the dominance of sellers continued in the market. With a drop of 1.09%, BNB during early trading hours again pulled back after trading at $301.4 for a brief spell. The token has been dragged down by a drop of 32.27% in trading volume over the last 24 hours. However, as the consolidation stage advances after a pullback at $294.5 with a recent recovery rally, there is a possibility of a bullish breakout.

Key Points

BNB price action displays struggle to stay above the $300 mark

The symmetric triangle pattern on the daily chart show possibility of a bullish breakout

With a 32.27% drop, the intraday trading volume in BNB is 1.01 billion

TradingView Chart Source: Tradingview

BNB Technical Analysis

In the previous analysis, BNB displayed bullish momentum backed by increasing buying dominance. Today’s trading chart also maintains an upward trend while consolidating below the psychologically important mark of $300, after BNB fell below $295. Currently trading at $299.1, the BNB prices pulled back at 294.5 only to consolidate between the tight range of $296 and $294. However, the movement of the 200-day EMA below the support trendline indicates a bullish breakout. The sideline traders may seek opportunities If BNB manages to again breach the ceiling of $300. Nonetheless, if BNB encounters a bearish breakout it could take support below $290.

Technical Indicators

Challenging the 14-day SMA, the RSI moving above the midline at 61, giving a bullish divergence, represents sufficient demand for a bullish reversal in the market. Moreover, the MACD line highlights another upswing while making a bullish crossover along the halfway line on a histogram turning bullish.

The technical indicators show a high possibility of a bullish reversal in the market as RSI shows a surge in demand with trendlines forming a symmetric triangle pattern.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

BNB Binance Coin BNB technical analysis

BNB Technical Analysis: Is Retest at $300 A Bullish Launchpad?

Sanjay Shukla

Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.