Yesterday, Binance coin started a new upward trend from $345 and managed to reach the top of the channel at about $360. However, at that point failed to move upward and had to back down to $350. Despite touching $345, it quickly bounced back to $350, giving it another chance to try reaching $360. As of now, Binance coin is around $355.
Binance Coin Price Action Analysis
Taking a look at the 1-hour chart, BNB is still on a bullish run and is range bound between the top and the bottom of the channel. Yesterday was the same thing as it reached the top at $360 and went for a correction afterward to come back down to $350. Today, it started a new bullish trend and is still trying to surpass $360.
In addition to the channel, we also have a triangle pattern. In case Binance coin manages to surpass $360 at the top, we should expect it going for $375 and $380. Following that, the $400 zone will be the next important resistance level.
On the other hand, if BNB fails to move beyond $360, there is a chance price correction. The $352 zone at the bottom of the triangle and then the $350 as well as the 50% Fibonacci retracement level will support the price.
For a bearish scenario, by losing these support levels and going below the channel, we should expect further decline. The $345 to $340 zone near the SMA100 is going to be a crucial support level for the price.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BNB is regaining and upward movement.
RSI: the relative strength index is approximately 60.
Resistance levels: BNB`s first resistance level is at $360. Following that, the next ones will be at $363 to $365 zone and then $375 and $380 will follow.
Support levels: the first support level is on the $352 to $350 range. Then the $345 to $340 zone and following that the $332 to $330 will follow.
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