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BNB (BNB/USDT) Continues Bullish Momentum as Buyers Seek More Gains

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BNB (BNB/USDT) Continues Bullish Momentum as Buyers Seek More Gains

In the last 24h, BNB against Tether has risen 3.46%, which happens to be in line with the broader market sentiment of about 3.5%. Meanwhile, the current surge of the token can be attributed to the easing of the US-China trade tension, chain adoption, and increasing accumulation of the token by public firms.

As it stands, the pair appears to be seeking a position above the moving average ribbons as the price consolidates near the 20-day moving average line, with the stochastic RSI line recovering from the oversold region.

Currently, BNB trades at $1,156.01, recording more than 227 thousand volumes at the beginning of the week.

BNB (BNB/USDT) Continues Bullish Momentum as Buyers Seek More Gains
BNBUSDT-Daily Chart

Technical Indicators

Major Resistance Levels: $1,164, $1,250, and $1,500

Major Support Levels: $1,124, $1,068, and $950

Technical Analysis

Technically, BNB has been continuing a bullish trend for some days, and this appears to be supported by a strong buying interest. This can be seen in the manner in which the price is seeking to break above the shorter-term moving averages, suggesting that if momentum can hold, more gains will be recorded.

To this end, the pair may record a move above $1,250 provided the current momentum above $1,156 is sustained; otherwise, a break below $1,124 may drive the price down below $1,000.

Also, the stochastic RSI is signaling more upside in the coming session as the lines point upward from the oversold region.

Meanwhile, @Morecryptoonline has perceived that BNB still has a wave to complete, and wave 4 completion has not clearly been indicated. He opined that with the micro support around $1,161 and $1,196, one more low would be better for the coin’s structure.

BNB/USDT Analysis: Can Momentum Be Sustained?

On the 4-hour chart, BNB/USDT appears to be displaying a bullish structure as the price keeps climbing above the $1,126 level. However, the Stochastic RSI seems to be nearing the 100-mark level, signaling the possibility of a pullback before any price advancement in the near term.

To this end, though the moving averages are indicating an upward trajectory, a significant drop in bullish strength may drive away all the gains in this market.

BNB (BNB/USDT) Continues Bullish Momentum as Buyers Seek More Gains
BNBUSDT-4H Chart

 

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