
- BNB coin price facing strong rejection from the $345 resistance level
- The BNB/BTC pair was trading at 0.08283 BTC with a loss of 4.38%
- The 24 hr trading volume in BNB is $2.209 Billion.
The BNB coin price shows a decisive breakout from its symmetrical triangle pattern in the daily time frame. This pattern could provide an excellent long opportunity for BNB traders with a solid directional move in the price. However, even with this breakout, the overhead $325 resistance seems quite formidable, as the chart shows multiple rejections from this level. Therefore, traders looking for a safer entry can consider entering when the price breaks out from this resistance level.
Concerning the EMA, the price is wobbling between the 50 and 200-day EMA, providing the make or break levels for the BNB coin. Thus, after the breakout from the symmetrical triangle pattern, the price shows a high possibility of providing a retest on this 200 EMA line to validate this breakout. As for the 50 EMA, it acts as crucial resistance for the BNB coin by coinciding with the $325 resistance.
The RSI (BULLISH) current value is 55, indicating a bullish sentiment in the coin market.
BNB Coin Rising With An Ascending Trendline
The BNB coin price shows a small ascending trendline leading a new bullish rally after the price bounce from $263 support. Moreover, this support trendline seems highly reliable as the price has already tested this trendline multiple times providing, great entry opportunities for BNB traders.
The MACD indicator (BULLISH) shows both the MACD and signal are moving higher than the neutral zone, indicating strong bullish momentum. In addition, the MACD line has started rising higher after taking support from the signal line. Furthermore, the histogram also validates the bullish phase with the formation of rising greens bars.
Conclusion: From the technical perspective, both the price action and indicators show a great bullish outlook for the BNB coin. And as mentioned above, traders can grab an excellent opportunity in this coin once the price manages to sustain above the descending trendline.
Support: $292
Resistance: $325
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