Binance Coin Looks Good; Will Price Make Rounded Bottom?
- BNB’s price continues its bullish structure after a reclaim of this region as the price stays on track to reject major resistance.
- BNB trades above key support as price reclaim 8 and 20-day EMA.
- The price of BNB aims to form a rounded bottom on the daily timeframe.
Binance Coin (BNB) has continued to look more decent in terms of price action against tether (USDT) after reclaiming a bullish structure. Binance Coin (BNB) has had a favorable response as the prices of altcoins and the crypto market look to bounce from their key support areas, with BNB price looking more stable for a retest of key resistance at $337. (Data from Binance)
Binance Coin (BNB) Price Analysis On The Weekly Chart.
Despite struggling to hold its key support at $270 with the market filled with so much uncertainty about where it is headed, the price of BNB showed great strength in that region.
It is no doubt the price of BNB continues to show great signs of recovery and has surpassed the return on investment (ROI) for major cryptocurrencies despite having a massive drop from a region of $660 in recent months.
The price of BNB rallied in recent weeks to a region of $340 but was faced with rejection as the price dropped from the bullish structure it had formed. The month ended with a new belief for recovery, and BNB has spearheaded this as the price moved from $270 to a region of $298 as the price prepares for major resistance.
BNB’s price needs to break and hold above $350 for the price to resume more bullish scenarios to a region of $400-$450. If BNB gets rejected from $340, we could have a retest of $300-$290 support to hold the price from sell-off.
Weekly resistance for the price of BNB – $340.
Weekly support for the price of BNB – $290-$270.
Price Analysis Of BNB On The Daily (1D) Chart
On the daily timeframe, the price of BNB continues to look strong as the price aims to complete its bullish pattern of rounded bottom on the daily timeframe. If BNB completes this structure with a breakout, we could see the price rallying to $400 and even more.
The price of BNB currently trades at $295 above the 8 and 20-day Exponential Moving Average (EMA). The prices of $290 and $280 correspond to the prices at 8 and 20-day EMA for BNB on the daily timeframe.
Daily resistance for the BNB price – $340.
Daily support for the BNB price – $290-$270.
Onchain Analysis Of BNB
The price of BNB from the on-chain analysis looks more decent despite the market sentiment still being bearish. BNB produced a reasonable one-month return on investment (ROI) of 12% compared to other crypto assets that have struggled for the past months.
Featured Image From Zipmex, Charts From Tradingview and Messari