Having come down to $295 yesterday, BNB was fortunate to get in a good support zone and had a chance to pivot upwards once again. With the bullish trend, it managed to break the downward trendline and escape from the triangle. However, BNB failed to break through the $304 to $305 zone and stabilized at $300. Today BNB started out with a strong bullish trend and went all the way to $310, yet by doing so, it hit the resistance level and fell back to $302 which is where it stands as of right now.
Taking a look at the BNB’s 1-hour chart, we could clearly see how the strong support zone at $295 was able to push BNB upwards and with that newly formed trend, it managed to break the trendline at $300 and climb all the way up to $310. From there, the $310 was the major resistance that called for a correction in price, therefore bringing it down closer to the 50% Fibonacci retracement form the latest growth at $302.
At this point, BNB is on an upward trend yet facing a downward trend on its path which will lead to forming a triangle on the chart.
If the bottom part of the triangle can support the price at $302, we should expect the price to move up in the triangle. In that case, the first resistance will be at $306 which is close to the SMA100. Then the $308 on the top of triangle could be the next important resistance. If BNB manages to successfully escape the triangle from the top, it will have a chance to reach the $313 to $315 zone and then $320.
On the other hand, in case of failure to break though and losing the $302 support level, we should expect another downward trend.
In that case, for the price correction, the first support is at the $298 to $300 zone followed by $294 to $295 further down the line. Upon losing these supports, the next one will be at first $290, second $285 and third $280.
Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BNB increasing but has lost its momentum.
RSI: the relative strength index is approximately 50.
Resistance levels: BNB`s first resistance level is at the $305 to $306 zone. Following that, the next ones will be at $308 to $310 zone. Then, the $313 to $315 and the $320 will be the next stops.
Support levels: the first support level is on the $298 to $300 range, then the $294 to $295 zone and following that the $290 and the $285 will be the next support levels for BNB.
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