BNB has continued to look more realistic in terms of price movement against USDT since reclaiming a bullish structure.
The price of BNB continues strong on a daily basis, with the price seeking to complete its bullish pattern of falling channel line. The BNB price launched a fresh rebound against the US Dollar from the $250 support level. BNB is now trading in the positive territory.
The Binance coin (BNB) price found support at $250 against the US dollar. BNB is rising and might continue if it breaks over the $300 barrier level. After a sharp decline, the price of BNB fell below $300. It traded as low as $250 after testing the $250 support zone. The bulls took a position at $250, and the price began a comeback wave similar to that of bitcoin and ethereum.
The price rose over the resistance levels of $265 and $270. There was a clear break over the 23.6% Fib retracement level of the fall from the $361.30 swing high to the $250 swing low. Furthermore, the BNB/USD pair broke above a major bearish trend line with resistance above $265 on the 4-hours chart. The pair is now trading above $295 as well as the 200 simple moving average (4-hours).
Recently, BNB managed to achieve a high volatility phase, lagging the king coin and other altcoins. With buyers sparking a strong rise above the 20, 50, 100, and 200 MAs during the days, bulls will try to keep their lead in the next sessions.
The Bollinger Bands were retracted as the Binance price had huge volatility in the last 24 hours. The RSI has been trading in the bullish zone entering into the overbought region as a result of the strong bullish action. At press time, the indicator is valued at 71.86- index points, trending upwards and indicating buying pressure.
On the upside, the price is approaching a resistance level around $305. The major resistance may be located near $312. A strong break over $312 might trigger a big run towards $318. Any more gains might lead the way for a move toward $326.
If BNB fails to cross the resistance of $305. Then the initial support level is $292 on the downside. The next significant support level is $285. Selling pressure may increase if the price goes below the $280 support level. Under the aforementioned scenario, BNB price might decrease to around $270 in the near future.
According to Price Analysis, The market capitalization of this BNB is estimated to be $47,7145,798,612. The 24-hour trading volume for the coin is around $1,573,787,965. BNB market capitalization has risen by 1.20%. However, trade volume increased by 6.10% during intraday trading. The market capitalization to volume ratio is 0.0329.
KEY LEVELS :
RESISTANCE LEVEL : $304-$310
SUPPORT LEVEL : $292-$284
According to the chart analysis, BNB is trading in a narrow range in a bullish flag pattern after a dramatic rise. Will the bulls be able to crack through the $300 barrier? Please leave a remark.