NewsletterBinance Coin Price Analysis: BNB Coin Maintains A Bullish Sentiment Until It Stays Above The $500 Mark
The overall trend for the BNB/USD chart is still bullish. However, for more than a month, the coin price resonates between the $660 and $500 mark and the crypto trader have to wait till the price breaks for this level if they are waiting for a big move. Moreover, a positive piece of news about Binance is that it is planning a new crypto venture in Indonesia.
Key technical points:
- The BNB price obtains dynamic support from the 50-day EMA and extended pullback support from the 100-day EMA
- The BNB coin maintains its cup and handle pattern in the daily time frame chart.
- The intraday trading volume in the BNB coin is $2.03 Billion, indicating a 5% loss.
Source- BNB/USD chart by Tradingview
The last time when we covered the BNB/USD, the coin price retested the crucial support of $500 during the bloodbath in the crypto market on December 4th. However, the price fairly survived this fall as the chart indicated a long lower price rejection candle indicating the intense buying pressure.
The BNB coin still sustains its Cup and Handle pattern, where the price resonates for the handle portion. The crypto should wait for the price to breach the overhead resistance of $680 to trigger a long entry opportunity in this coin.
The BNB coin shows a bullish alignment of the crucial EMA levels(20, 50, 100, and 200). Moreover, the 50 EMA line provides strong dynamic support in a steady uptrend, and the 100 covers up for the extended pullback in the price.
The Relative Strength Index(50) line wavers near the neutral zone of the chart.
BNB/USD 4-hour Time Frame Chart
Source- BNB/USD chart by Tradingview
This lower time frame chart shows the price is wobbling in the rising parallel channel pattern. Using this pattern, the BNB coin price will retest the $660-$680 mark overhead resistance zone for a possible bullish breakout. However, on a contrary note, this pattern is famous for a substantial fall in the price when it breaks down from the bottom support trendline.
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