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. 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.

Key Points

• The BNB price action shows an uptrend with higher price rejection candles
• BNB price actions maintain bullish momentum
• The intraday trading volume in BNB is $487.98 million

Source Tradingview

BNB Technical Analysis

In our previous analysis, 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.

Technical Indicators

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.

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