On Monday, BNB failed to stabilize over $320 and had to back down to $300. However, crossing with the positive trendline, caused another upward trend . The bullish trend continued up to $318 but had to stop by crossing the downward trendline. Today, the BNB price came down to $310. In this particular zone however, the positive trendline and the SMA100 kept the price from further decline, giving it another chance for growth. As of right now, BNB price stands at $314.
Before we proceed with the technical price analysis, you can read about “What is Binance”, how it functions and the reason for its significance.
Taking a look at the 1-hour chart, we can see the positive trendline and the SMA100 properly supporting the BNB price. And today was no Exception since the price was again supported by reaching $310.
Currently, the BNB price is stuck within an equilateral triangle with the first resistance at the top part being $315 to $316 zone. In case of a breakthrough, the next barrier will be the $320 zone. Following that, we can expect the $328 and $330 to follow.
On the other hand, if BNB price fails to surpass the $315 to $316 zone, there will be a chance of returning to the bottom part of the triangle.
For the bearish scenario, the first support will be $312 and then $310 closely located near the SMA100. Losing this support and going through the bottom could cause further decline down to $305 and $300.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BNB is reclaiming the neutral zone
RSI: the relative strength index is approximately 52.
Resistance levels: BNB`s first resistance level is at the $315. Following that, the next ones will be at $320 to $325 zone. Then, the $328 to $330 will follow.
Support levels: the first support level is on the $312 to $310 range. Then the $307 to $305 zone and following that the $300 will follow.
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