BNB Technical Analysis: Trend Soon to Escape the Inverted Flag Pattern
Binance is an exclusive network of blockchain-based decentralized networks and exchange. The business has grown to become the top cryptocurrency exchange in a wide range of countries. Their associated organizations are attracting a lot of interest too.
Let us move ahead to read about Binance technical analysis.
Past Performance of BNB
The BNB coin price action forms an inverted flag pattern in the daily chart with the recent short-term retracement. The coin price jumps 5.81% in the past 24 hours, with multiple previous lower price rejection candles in the daily chart. Moreover, the price struggles to overcome sellers at the $400 psychological level.
BNB Technical Analysis
The BNB coin price action bottles up within the inverted flag pattern in the daily chart teasing a breakout shortly. The freshly made bearish candle at press time indicates a possible bearish candle.
The crucial Exponential Moving Averages show the increased possibility of a death cross as the 50-day EMA continues to fall after crossing the 100-day EMA and $450. Moreover, the price trades below all the crucial EMAs indicating a solid underlying bearishness.
The RSI Indicator shows the slope rising higher in the nearly oversold zone, however, the slope struggles to cross the 14-day SMA and the central line. Therefore, a reversal to the oversold zone can be seen shortly.
The MACD Indicator shows a reversal in the fast line as it approaches the signal line in the negative territory. Moreover, the falling trend in bearish histograms indicates a bullish revolt in the BNB coin.
Therefore, the technical indicators show a rise in underlying bullishness, but the weakness in trend momentum threatens a bearish reversal.
Upcoming Trend
The BNB coin price bottles up the inverted flag pattern, a bearish continuation pattern, teasing a breakout shortly. The recently making bearish candle and the weak trend-momentum of retracement hint at a bearish fallout.
Therefore, sellers can find an entry opportunity at the fallout of $350 with a target of $300. However, a bullish breakout will result in a price jump to the 200-day EMA.
At press time, TradingView technical analysis widget gives a "SELL" signal for the BNB coin.