BNB Technical Analysis: Buying Spree Ready To Cross $300

The BNB price shows a bullish breakout of a rising channel pattern with increased demand. Will this breakout rally reach $350?

Key Technical Points:

• The BNB prices jumped by 3.73% in the last 24 hours.
• The price action displays a bearish opposition from the $290 mark.
• The 24-hour trading volume of Binance is $2.77 billion, indicating a hike of 64.88%.

Past Performance of BNB

As mentioned in our previous analysis, the BNB price action breaks the bearish influence of a resistance trend line at $265. The breakout rally continues within the rising channel before breaching the 100-day SMA resulting in the bullish breakout of the said pattern. The breakout rally, however, shows higher price rejection from the psychological mark of $300, projecting a potential retracement to retest the bullish breakout.

Source — Tradingview

BNB Technical Analysis

The bullish break out of the rising channel pattern shows an increase in trading volume, projecting a high likelihood of an uptrend continuation. Hence traders can expect the BNB prices to exceed the psychological mark of $300 after a successful post-retest reversal. As mentioned before, the bull run exceeds the 100-day SMA after a bullish reversal from the 50 Day SMA. Hence the increasing bullish influence over the SMAs projects a high likelihood of a bullish turnaround that may lead to crossover events. The daily RSI slope sustains above the support trendline and reaches the overbought boundary, reflecting an increase in the underlying bullishness. The MACD indicator displays the rising bullish histograms helping the fast and slow lines avoid a bearish crossover event. Hence the technical indicator reflects an increase in buying pressure that may continue above the $300 mark. In a nutshell, the BNB Technical Analysis projects a breakout entry spot as the prices retest the 100-day SMA.

Upcoming Trend

If the BNB prices show successful post-retest reversal from the 100 Day SMA, the bull run could exceed $300. Traders can expect the breakout rally to reach the next resistance level at $350. Conversely, increasing selling pressure during the retests may drive the prices under the 100-day SMA and trap the price trend within the rising channel pattern once again. Resistance Levels: $300 and $350 Support Levels: 100-day SMA and $265

Source