<em><strong>The BNB prices revert to reassert their dominance at the psychological mark of $300, but the increased sales warn of a bullish failure. </strong></em>
<h3>Key Technical Points:</h3>
<ul>
 	<li>The Binance (BNB) market price action shows a morning star pattern formation after taking support at the ascending trendline.</li>
 	<li>The relief rally over the weekend breaks above the 50 and 100-day EMA.</li>
 	<li>With a market cap of $47.90 billion, the intraday trading volume of Binance has increased by 7% to reach $1.26 billion.</li>
</ul>
<h3>Past Performance of BNB</h3>
The <a href="https://www.cryptoknowmics.com/news/binance-us-receives-its-money-transmitter-license-in-nevada/" target="_blank" rel="noopener">Binance</a> (BNB) price action displays a remarkable increase in selling pressure from the 200-day EMA, resulting in a bearish turnaround. The downtrend bricks below the 50 and 100-day EMA and the psychological mark of $300. However, the downtrend takes support at the ascending trendline and forms a morning star pattern to reassert its dominance.

<img src="https://s3.tradingview.com/snapshots/q/qt5yON9N.png" alt="TradingView Chart" />

Source - <a href="https://www.tradingview.com/x/qt5yON9N/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>BNB Technical Analysis</h2>
The BNB price action displays a 6.38% jump this weekend to form a bullish engulfing candle, closing above the $300 mark. However, the current bearish candle undermines the bullish attempt and projects a high likelihood of a downtrend continuation.

The RSI indicator displays a bullish reversal in the RSI slope crossing above the halfway line after a fatal dip into the nearly oversold zone. Moreover, the increasing bearish gap between the fast and slow lines projects a rise in selling pressure. Hence, the technical indicators support the bearish intention of the daily candle.

In brief, the BNB technical analysis forecasts a potential downtrend retesting the support trendline.
<h2>Upcoming Trend</h2>
BNB prices can rechallenge the sellers at the 200-day EMA if the prices sustain above the psychological mark of $300 or the 100 days EMA. However, the downtrend continuation below the support trend line will retest the crucial support of $265.

Resistance Levels: $300 and $335

Support Levels: 50-day EMA and $265

BNB Technical Analysis: Can Binance Token Price Survive Above $300?

The technical analysis shows how BNB prices reassert their dominance at the psychological mark of $300, but rising sales warn of a bullish failure.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

BNB Technical Analysis: Can Binance Token Price Survive Above $300?

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