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3 indicators suggest that BNB should increase to over $360.

3 indicators suggest

Several cryptocurrencies lost significant support during the current 

drop in the cryptocurrency market and now risk falling back to their 2022 bottom support. However, the BNB price has been able to sustain above the 38.2% retracement level, giving investors the chance to see further gains.

The price movement of BNB is governed by an inverted head and shoulder pattern. The subsequent upsurge might reach $337 if there is a bullish reversal from the support trendline. The $1.28 billion in intraday trading volume for the BNB price is a 2% increase.

Three factors could push the BNB price above $360:

1) Bullish breakthrough from a trendline that has been a long-term resistance -

The continuous recovery started when the BNB price recovered from $184.54 and soared 84% higher to the $337 level. But on July 29, this bull run broke over a resistance trendline that has been preventing bullish growth since November 2019. Therefore, a bullish breakout from this barrier is a warning that the trend is about to change.

2) Upcoming support trendline:

The rebound is still running strong, but there have been a few pullbacks that have refuelled the bullish impetus for more gains. Connecting these higher lows, it appears as though the BNB price is reacting to a fresh trendline of support.

In addition, the most recent correction came to an abrupt halt at this trendline of support, and the price reversed with a morning star candle. Consequently, the traders can keep a bullish bias up till the trendline is unbroken.

3) The BNB chart demonstrates the development of an inverted head and shoulder pattern:

For more than three months, the BNB price has been unable to break through the $337 resistance, producing a range-bound rally. But the price consolidation against strong resistance resulted in the formation of an inverted head and shoulder pattern. The right shoulder formation in the pattern was also strengthened by the most recent correction.

In addition, over the last three days, the post-correction rally has increased by 6.61%. The coin price should grow 13.8% to $337 if the positive pressure continues. Buyers should overcome neckline resistance under the influence of the pattern to quicken the bullish momentum.

On the other hand, a breakdown from the $275 would falsify the optimistic argument if the market's selling pressure continues.


Technical indicator

The daily RSI slope swings into bullish zone, showing that the market is once again experiencing optimistic sentiment, according to the RSI indicator.

DMAs: The $337 resistance and the 200 DMA create an additional barrier for purchasers. The rebound rally is further supported by the 50 DMA's transition to dynamic support.

 

Levels of resistance: $335 and $360

Levels of Support: $275 and $245




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