- BNB Token price has grown more than 35% within the last three weeks.
- The price action indicates the BNB coin price approaching a solid resistance zone by making an inverted head and shoulder pattern.
- The pair of BNB/BTC is trading at 0.008303 BTC with an intraday gain of +10.78%.
BNB coin price action approaches a solid resistance zone near the $450 mark in the daily chart. Furthermore, the coin price completes the head and shoulder pattern with a bullish engulfing candlestick indicating a boom in buying pressure.
As per pivot points analysis, the resistance levels for the token are residing at $475 and $525 marks. Therefore, if the price takes a bearish reversal, sellers may find opposition at $425 or $400.
The BNB Token price trades at $455, increasing 6.14% in market capitalization over the past 24 hours. However, the intraday trading volume has increased by 150% in the past day, indicating a rise in buyers.
BNB Token In The 4-hour Chart
BNB token price action indicates a bullish breakout of the consolidation range in the 4-hour chart. Moreover, the price jump is coupled with an increased trading volume. Thus, a bull run is plausible if the price sustains above the $475 mark.
The EMAs of the 4-hour technical Chart rise higher in a bullish structure with a positive slope. Thus, it could support the prices against a bearish attack. Additionally, the dips to 50-period EMA can be seen as entry opportunities.
The RSI indicator forecasts a surge for underlying bullishness as the slope rises higher to the overbought territory.
The ADX indicator shows a rising, indicating trend in high momentum.
MACD indicators in the daily chart indicate that the MACD and signal lines are moving higher above the neutral area. Thus, it indicates bullish momentum in the token price.
Conclusion – The short-term trend of the BNB Coin is bullish from a technical standpoint. However, the current chart of the coin price shows a positive outlook. Moreover, it may soon break the $475 mark. So, crypto traders can expect bullish opportunities while they wait until a genuine breakout is confirmed.