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Binance Coin (BNB) seems to thrust upwards targeting the $350 mark with the support level spotted at $275 and resistance at $295.
According to CoinMarketCap, the Binance Coin’s price has spiked by 3.06% or $300.17 as of this writing.
Meanwhile, BNB has tapped on the support zone at $240 instigating a bullish movement that would push it closer to the $300 mark. On the other hand, the coin is still met with rather strong selling pressure.
Generally, the crypto market has been making positive price jumps signaling a bullish rally seen in the past 24 hours.
Bullish Movement Seen With Strong Buying Activity
According to TradingView, the MACD is looking extremely bearish as seen in the red color of the chart. But, the histogram’s lighter shade implies a plunge in bearish momentum as BNB goes for a support above $280.
Price movement seen in the last ten days is significantly low. However, with the strong buying activity, the current EMAs reveal a bullish movement seen at 12-EMA going towards the 26-EMA which shows how buying activity goes.
RSI was able to breach the overbought zone level as seen on July 29 but it has since then been on a downward slope. The index has also dropped to 40.00 and looks rather neutral. Price volatility has also been low as seen in the narrowing of Bollinger Bands. Its lower limit currently gives support at $276.80 while the upper limit is met by resistance at $294.1.
Binance Coin May Soar Past $350
In general, the price analysis for BNB shows a strong buy signal with over 13 indicators showing an uptrend. The technical analysis also points to strong bearish dominance while revealing an extremely low buying process seen in the same timeframe. More so, around 9 indicators are neutral and have no signals as of this writing.
BNB price analysis reveals that the coin’s bullish movement started when it plunged to $240 and the point when the buyers pushed back. This buying action triggered BNB’s price to soar to the $300 resistance level.
Binance Coin (BNB) made a flip from the support line of $275 on August 2 implying a positive sentiment and strong buying activity. The bulls are now ready to push the price so it can supersede the resistance burgeoning at $300. And with a successful attempt, the BNB/USDT pair may gain traction and soar over the resistance set at $350.
Crypto total market cap at $1.26 trillion on the daily chart | Source: TradingView.com
Featured image from TIME, chart from TradingView.com