- BNB Token price action projects a bearish uptrend as it approaches a crucial support zone.
- The EMAs maintain a bullish alignment in the weekly chart.
- The pair BNB/BTC is trading at 0.00866 BTC with an intraday fall of -0.72%.
BNB token price action shows a bullish piercing candlestick in the weekly technical charts, which indicates increased buying pressure. In addition, the price is now above $350, indicating that there has been an increase in buying pressure.
The intraday volume has risen above the 20-days volume MA, indicating that there is more buying pressure. In addition, the bullish alignment of the daily EMAs means that they rise higher, indicating a bullish rally.
BNB Token trades at $377, an increase of +2.60% market capitalization over one day. This suggests that the price is on a bull reversal.
However, Binance’s intraday trading volume has decreased by around 0.76%.
BNB Token’s Trends Lower In A Falling Channel
BNB token prices fall in a descending parallel channel in the weekly chart. The token price is close to the channel’s resistance trendline indicating a downfall shortly. Investors may see the dip in price action at the support trendline.
According to price action, demand levels for the token are at the $350 and $325 mark. As a result, bulls could encounter resistance at $400 and $425 if the bullish trend persists from either support level.
The EMAs on the technical chart for the weekly chart are more powerful, with a solid bullish alignment because of the rise with a positive slope. These can keep the prices stable during a bullish attack.
The RSI indicator does not indicate a rise in underlying bullish inclinations. Furthermore, the RSI slope falls in the weekly chart.
The ADX indicator indicates a rise in trend momentum.
Conclusion: The BNB token’s price has fallen for the past few sessions in the daily chart. However, the recent bullish reversal approaches the channel’s resistance trendline in the 4-hour chart. It can shortly result in a downfall. However, the breakout of this channel can result in a bull run.
Support – $350 and $325
Resistance – $400 and $425