Binance Coin Finds Support At $240 – Can BNB Barrel Past $300?
August 04 2022 - 8:18AM
NEWSBTC
Binance Coin (BNB) seems to thrust upwards targeting the $350 mark
with the support level spotted at $275 and resistance at $295.
According to CoinMarketCap, the Binance Coin’s price has spiked by
3.06% or $300.17 as of this writing. Meanwhile, BNB has tapped on
the support zone at $240 instigating a bullish movement that would
push it closer to the $300 mark. On the other hand, the coin is
still met with rather strong selling pressure. Generally, the
crypto market has been making positive price jumps signaling a
bullish rally seen in the past 24 hours. Chart: TradingView.com
Bullish Movement Seen With Strong Buying Activity According to
TradingView, the MACD is looking extremely bearish as seen in the
red color of the chart. But, the histogram’s lighter shade implies
a plunge in bearish momentum as BNB goes for a support above $280.
Price movement seen in the last ten days is significantly low.
However, with the strong buying activity, the current EMAs reveal a
bullish movement seen at 12-EMA going towards the 26-EMA which
shows how buying activity goes. RSI was able to breach the
overbought zone level as seen on July 29 but it has since then been
on a downward slope. The index has also dropped to 40.00 and looks
rather neutral. Price volatility has also been low as seen in the
narrowing of Bollinger Bands. Its lower limit currently gives
support at $276.80 while the upper limit is met by resistance at
$294.1. Binance Coin May Soar Past $350 In general, the price
analysis for BNB shows a strong buy signal with over 13 indicators
showing an uptrend. The technical analysis also points to strong
bearish dominance while revealing an extremely low buying process
seen in the same timeframe. More so, around 9 indicators are
neutral and have no signals as of this writing. BNB price analysis
reveals that the coin’s bullish movement started when it plunged to
$240 and the point when the buyers pushed back. This buying action
triggered BNB’s price to soar to the $300 resistance level. Binance
Coin (BNB) made a flip from the support line of $275 on August 2
implying a positive sentiment and strong buying activity. The bulls
are now ready to push the price so it can supersede the resistance
burgeoning at $300. And with a successful attempt, the BNB/USDT
pair may gain traction and soar over the resistance set at $350.
Crypto total market cap at $1.26 trillion on the daily chart
| Source: TradingView.com Featured image from TIME, chart from
TradingView.com
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