Introduction
The price of Binance Chain Native Token (BNB) has resumed its uptrend after breaking above the overhead resistance of $260. This article presents a detailed analysis of the BNB price movement, forecasting its long-term bullish trend.
Price Analysis Overview
According to Coinidol.com, the resistance at $260 temporarily halted the upward movement of BNB since November 6. At the time of writing, the cryptocurrency has reached a high of $270.70. Further analysis suggests that if the uptrend continues, the market could reach the highs of $300 and $315.
Recent Developments
On November 21, BNB reached a high of $274 before experiencing a temporary decline. The altcoin fell below the moving average lines but has since recovered and is approaching recent highs.
Indicator Reading
Both charts indicate that BNB price bars are currently above the moving average lines, signaling a renewed upward momentum. The 21-day simple moving average has crossed above the 50-day simple moving average, indicating a bullish crossover. Traders are likely to place bullish orders as the altcoin regains momentum.
Technical Indicators
- Key Resistance Levels: $300, $350, $400
- Key Support Levels: $200, $150, $100
BNB/USD Future Direction
The digital asset has successfully broken above the overhead resistance at $260 and continues its uptrend. This break marks the third attempt to restore the uptrend, and the market aims to surpass the previous high of $270 in the near future.
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