CryptoSignals News
Join our Telegram

BNB (BNB/USDT) Building a Strong Base for Continued Upside Movement

Estimated Reading Time: 3 minutes

Article Rating:
Based on 1 vote
Login to rate this article.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more

BNB (BNB/USDT) Building a Strong Base for Continued Upside Movement

BNB Mid-term Analysis: Ranging

Prior to this time, BNB against Tether has been extending bullish frontiers, claiming resistance levels with a steady uptrend. However, the market remains bullish, but price movement suggests momentum is dropping as the pair pulls back towards the recent support level.

Currently, the price of the pair appears to be consolidating after an impressive rally in the previous session, raising a doubt about its further uptrend or a minor correction, as the price operates within the Guppy Multiple Moving Averages (GMMA) and the Stochastic RSI shifts inward.

At the moment, BNB trades at $831.99 with over 152 thousand traded volumes at the start of the week.

BNB (BNB/USDT) Building a Strong Base for Continued Upside Movement
BNBUSDT-Weekly Chart

Technical Indicators

Major Resistance Levels: $858, $900, and $1,000

Major Support Levels: $822, $780, and $700

BNB Technical Analysis

Previously, the market analysis of BNB against Tether on a weekly timeframe showed the pair on a strong bullish rally with the price rising towards the $858 resistance level. However, it seems bullish momentum is waning as the price drops within the lines of the short-period EMAs despite the bullish position of the indicator.

The stochastic RSI, on the other hand, shows the end of the current pullback situation is near as the lines prepare for another round of bullish crossover. To this end, the market is at a crucial juncture, with potential for a bullish continuation extending to $1,000 or a range-bound, if not corrective, move towards $750 in the near term.

BNB/USDT Analysis: Expectations

On the daily timeframe, the analysis of BNB/USDT shows the pair’s uptrend is still intact, with the price maintaining a strong momentum around $858, with the GMMA structure dictating bullish continuation. However, the price needs to break above the current resistance for a strong move to the next, as the Stochastic RSI warns of a possible correction to the south despite increasing volume.

If the momentum oscillator drops further from its overbought zone and the price falls below $820, this could indicate directional change. A move below $808 would further confirm that the pair has lost its bullish momentum.

BNB (BNB/USDT) Building a Strong Base for Continued Upside Movement
BNBUSDT-Daily Chart

Moreover, @cryptozeinab suggests BNB could see more upside movement if the support at $750 holds strong. The analyst suggests a new high is on the way if this support holds.

 

You can purchase crypto coins here. Buy Crypto

Recent News

Join Our Free Telegram Group

We send 3 VIP signals a week in our free Telegram group, each signal comes with a full technical analysis on why we are taking the trade and how to place it through your broker.

Get a taste of what the VIP group is like by joining now for FREE!

arrow Join our free telegram