The daily chart presents a more optimistic perspective, indicating a potential upward trend. This is supported by several factors. Firstly, the price has successfully broken out from a descending resistance line that had been in place since February, signalling the start of an upward movement.
Furthermore, the chart shows a series of higher lows and higher highs, indicating a positive trend. Additionally, the RSI has moved above the 50 level, suggesting that the bulls are gaining momentum.
Overall, these indicators suggest that the market sentiment is shifting towards a more bullish outlook, and investors may want to consider taking advantage of this potential opportunity.
Today again #BNB has been rejected from a formidable resistance level at $320, indicating that the bears are making a concerted effort to protect the price range between $320 and $338. This resistance zone has proven to be a significant obstacle for BNB, and it remains to be seen whether the bulls will be able to overcome it in the near future.
This surge was initiated by a robust increase above the $310 resistance zone, and BNB even managed to surpass the $315 resistance level, indicating a positive trend. After a prolonged period of hovering around the $320 resistance levels.
The value of BNB experienced a significant surge, reaching a peak of $321.90. However, this upward momentum was short-lived as a sudden and sharp correction occurred, causing the price to plummet below the $315 and $310 levels. As a result, a new recent low has formed in the vicinity of $308.70. Currently, BNB value is trading below $310 and the 21-hourly simple moving average.
The initial obstacle lies at the $313 mark, with a significant barrier at $318. The latter is currently taking shape in the vicinity of the $320 region. Should the price succeed in breaching the trend line and surmounting $320, it may have the potential to soar to the $328-$330 resistance level. Subsequent gains could propel the price towards the $340 threshold.
BNB faces a critical juncture. Should it fail to surpass the $315 barrier level, it may experience a continued decline. The first line of defence against this is the $304 level, followed by the more significant support at approximately $300. If these levels are breached, the next major support is at $294. However, if this level is also broken, there is a possibility of a prolonged decline towards the $285-$280 support.
KEY LEVELS :
RESISTANCE LEVEL : $314-$320
SUPPORT LEVEL : $302-$294
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research #dyor and assess the risks involved before investing in any market.