TA: BNB Bulls Look Set To Break Key Resistance Of $327
August 04 2022 - 5:16PM
NEWSBTC
Binance coin (BNB) bulls look set to break key resistance with so
much buying pressure that could send BNB price higher. The price of
BNB looks really strong after showing some positive signs in the
past few days with a lot of bids created by BNB bulls driving the
price of the coin despite the market uncertainty. BNB Daily Chart
Analysis The daily chart for BNB shows it is trading at $304.5
despite Bitcoin (BTC) trading at key support after falling from a
region of $23,100. The price of BNB looks strong despite the market
looking bearish which suggest bulls are holding on to the price of
BNB. BNB is trading above the 50 exponential moving average (EMA)
but trading below the 200 exponential moving average (EMA). BNB
broke above the 50 EMA on the daily chart with good volume and made
a clean retest before showing more bullish signs. The first major
resistance for BNB corresponds with the 200 EMA, successful break
and hold above this region could send BNB to a region close to
$380. On the daily chart, the price of BNB formed a bullish trend
in a symmetric triangle with a successful breakout which confirms
bulls could easily push the price of BNB to break its key
resistance if market conditions are favorable. Major resistance on
the daily chart – $327.40. Major support on the daily chart – $270.
BNB Price Analysis On The 4H Chart The price of BNB on the 4H chart
shows the price is in an uptrend with swing highs towards the
resistance at $327.40. BNB needs to break the key resistance for
more upside to be possible but if the trend is not sustained BNB
could retest supports at $297.25 and $285. BNB is trading above the
50 & 200 EMA, indicating an uptrend direction for the period
until invalidated or fails to break above the resistance level of
the $327.40 mark. If BNB fails to reclaim or break above the
resistance of $327.40, it would likely revisit the 4H support
region of $297.25. Resistance on the 4H chart – $327.40. Support on
the 4H chart – $297.25, $285. BNB 1H Chart Analysis The price
of BNB on the one hourly timeframe looks good. The price of BNB is
above 50 & 200 EMA. The relative strength Index (RSI) is above
60 The volume shows strong buy bids Resistance on the 1H
chart – $327.40. Support on the 1H chart – $297.25. BNB is a strong
project with a good use case and would always have bids placed
should the price goes lower as the price is backed fundamentally.
On a low and high timeframe, BNB looks really strong and bullish
with bulls ready to push the price higher. With a successful break
of the key resistance, BNB would have a good rally. Featured
image from Watcher Guru, Charts from TradingView.com
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