Binance Coin Price Analysis: BNB May Break Above Lifetime High Of $356.78

Binance coin price framed a fresh record high of $356.78 a day ago
  • BNB coin price action jumps from $298.40 to $343.10 on Saturday’s trading session
  • The 24-hour volume in BNB is at $3,126,430,807 with a 29.88% decrease
  • The BNB/BTC pair was trading at 0.005766 BTC with a loss of 1.0%

The 4-hour technical chart of BNB coin price action forecasts a positive trend. According to pivot points, BNB’s critical support level is placed at $298.40. Whereas if it moves up, the key resistance level to watch is $351.90 While diving into the weekly chart of a 4-hour time-frame, it completes a spinning top candlestick pattern representing a neutral trend.

EMA- (8,13,21,55) acts as another strong support in the coin. EMA-8 (blue) intersects above the EMA-55 (red), which projects a strong bullish trend. The price is fighting to sustain above EMA-8. Investors may perceive a positive crossover in the EMA, and the price will also follow the positive trend.

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RSI indicator (OVERBOUGHT), with a value of 71.20, indicates an overbought situation in the coin. Moreover, Investors can see an upward slope from 67 to 71 in the index, and it may surge more in future trading sessions.

The volume of (387.99K) represents a low buying volume which is below the Volume MA (667.86K) of 20-days. High buying pressure is required in BNB to drive its price to higher levels.

BNB Coin Potential Upmove Incoming

BNB coin price traded at $343.10 with a loss of 1.22% in the last 24-hour and 33.29% up in the weekly time-frame. Furthermore, Binance coin price framed a fresh record high of $356.78 a day ago. In contrast, the market capitalization stands at $53 billion. Technically, investors can perceive a positive crossover in EMA, and the price is sustaining above the 8-EMA. RSI index showcases an upward slope. Moreover, the price movement can be above the resistance of $351.90 in future trading sessions.

Resistance: $351.90

Support: $298.40

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Nikhil Ingole
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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