Binance Coin (BNB) has shown significant strength in recent weeks against Tether as it has maintained its bullish sentiment. Despite the market retracement, Binance Coin (BNB) has shown great strength but has lost its key support at $300.(Data from Binance)
According to the chart, the price of BNB saw its weekly low at $220; the price of BNB quickly rebounded from that region to a weekly low of $330 as the price is unable to show much strength to trend higher after being rejected from $337 acting as weekly resistance.
The weekly candle for BNB closed with a bearish sentiment, and the new week’s candle appears to be even more bearish.
The price action has remained weak; if the price of BNB on the weekly chart maintains this structure, it could retest its weekly support of $250.
For the price of BNB to trend higher, it must reclaim the bullish trendline that serves as support, and a close above $300 would be favorable to bulls.
Weekly resistance for the price of BNB – $337.
The price of BNB has found itself holding above the trendline support, preventing the price from falling; however, bears were able to break the trendline support to a region of $283.
BNB’s price has been trading below the trendline, which is acting as a resistance to the price of BNB. For the price of BNB to have a chance of trending higher, it must reclaim the $300-$320 range.
If the price of BNB fails to reclaim $300-$320, the support at $250 would be a good area for bulls to build strength and keep the price sell-off from continuing.
BNB is currently trading at $283, just below the 50 and 200 EMAs, which correspond to prices of $290 and $280, respectively.
On the daily chart, the Relative Strength Index (RSI) for the price of BNB is above 40, indicating sell orders.
Daily (1D) resistance for BNB price – $290, $320.
Daily (1D) support for BNB price – $250.
The price of BNB has remained strong after being rejected at $290, acting as resistance. The BNB price is trading just below the 50 and 200 EMA levels, which correspond to $295 and act as resistance to the BNB price.
BNB is holding well above the $275 region, which is acting as support; if the price remains above its current support, it will prevent the price from falling to the $250 region. Bulls would be relieved if the BNB price reclaimed the $300 level.
Four-Hourly (4H) resistance for BNB price – $290.
Four-Hourly (4H) support for BNB price – $275-$250.
Source : newsbtc
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