Hello and welcome back traders to our channel Cryptoknowmics!
This is Megha Chhikara, back with yet another analysis for you!
Today, we’ll be reading about the Binance. Well Watch the entire video till the end to learn more about the upcoming trend, and before that don’t forget to hit the subscribe button!
The BNB prices attempt to exceed the $9.5 resistance level to take a hit at $10. Will buyers manage to sustain the buying pressure?
To drive the conclusion we need to analyse the key points of BNB, let’s see what we have here!
The Binance(BNB) price action shows a breakout rally surpassing the $300 mark. With a market cap of $49.12 Billion, the intraday trading volume of Binance has dropped by 89% to reach $2.26 Billion.
As the BNB price trend breaks above the psychological mark of $300 and shows a bullish trend continuation, the improved underlying sentiments are evident. Hence, traders can hope the uptrend reaches the overhead resistance at $350, accounting for a price jump of 15%. Moreover, the intraday trading volume spike supports the bullish breakout rally.
As the Binance market price grows above the 100-day SMA, traders can expect the uptrend to reach the 200-day SMA, close to $250.
The RSI slope maintains the uptrend to reach the overbought zone reflecting an increase in the underlying bullishness. However, a slight bearish divergence arises with the breakout rally teasing a potential bear attack.
Moreover, the MACD indicator shows a positive trend of the fast and slow lines with a significant bullish spread. Hence, the technical indicator shows a high possibility of an uptrend continuation.
In a nutshell, the BNB Technical Analysis maintains a positive outlook for the upcoming trend as the buying pressure increases.
And finally, with hope & some positive indications, we conclude our today's session and we’ll be back with yet another coin for you!
Till then stay tuned to Cryptonowmics, Crypto world at your fingertips