The BNB technical analysis displays a continuation of the bullish trend with high buying pressure in the market as RSI hit the overbought boundary. 

Despite falling around 13.56% in the last 7 days due to the bearish trend in the market caused by FTX financial crises, Binance Coin (BNB) grew 3.88% in the last 24 hours touching the daily high of $290.72 rebounding from the daily low of $268.23. Although BNB plunged to its 3-month low of $263.08 this week, BNB has managed to deliver relatively better returns as compared to other crypto markets with 3.63% growth in the last month regaining $10.16 points. The 3.92% rise in 24-hour market cap to 44.73 billion and 29.56% increase in trading volume to $1.5 billion support a strong bullish cycle in the BNB market.
<h3>Key Points</h3>
<ul>
 	<li style="font-weight: 400">The BNB price action shows an uptrend with higher price rejection candles</li>
 	<li style="font-weight: 400">BNB price actions maintain bullish momentum </li>
 	<li style="font-weight: 400">The intraday trading volume in BNB is $487.98 million</li>
</ul>
<img src="https://s3.tradingview.com/snapshots/i/IGaev2zk.png" alt="TradingView Chart" />Source <a href="https://www.tradingview.com/x/IGaev2zk/">Tradingview</a>
<h2>BNB Technical Analysis</h2>
In our <a href="https://www.cryptoknowmics.com/news/bnb-technical-analysis-binance-coin-plunges-as-crypto-rally-cools-off">previous analysis</a>, BNB price actions displayed a downtrend with increased selling pressure. However, today BNB price actions have been able to maintain a bullish trend with increased buying pressure. The 50-day SMA confirms the bullish rally in the market, as it supports the support level in the uptrend and the resistance level in the downtrend. 

Currently, trading at $279.79 BNB forecast an uptrend with an intraday rise of over 3%. If buying pressure persists the BNB prices may break above the physiologically important mark of $300. However, if BNB fails to maintain the bull momentum, the prices may fall below $260 putting the $250 mark to test. 
<h2>Technical Indicators</h2>
RSI makes a bullish divergence before touching the overbought boundary of 70% moving above the 14-day SMA, showing high buying pressure as bullish sentiments prevail in the market. As the histogram continues to be bullish, MACD makes a bullish crossover while moving above the halfway line. 

The technical indicators display a bullish rally in the market with increasing buying pressure and with the possibility of another bullish breakout for intraday buyers.

BNB Technical Analysis: Will Binance Coin Sustain the Bull Cycle?

The BNB technical analysis displays a continuation of the bullish trend with high buying pressure in the market as RSI hit the overbought boundary. 

Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

BNB Technical Analysis: Will Binance Coin Sustain the Bull Cycle?

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