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BNB (BNB/USDT) Surges Amid Technical Breakout, Reclaiming Key Support

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BNB (BNB/USDT) Surges Amid Technical Breakout, Reclaiming Key Support

The market for BNB against Tether has risen 1.6% over the past 24 hours, giving out a positive signal alongside the broader crypto market, which saw a 2.28% increase. As it stands, the licensing of Binance in Abu Dhabi, which has generated positive sentiment, further strengthening the token’s market position, and the technical surge in recent times are the major drivers behind this development.

At the moment, BNB trades at $910.01 with more than 49,330 traded volumes already. However, some caution remains due to market volatility.

BNB (BNB/USDT) Surges Amid Technical Breakout, Reclaiming Key Support
BNBUSDT-Daily Chart

Technical Indicators

Major Resistance Levels: $912, $995, and $1,000

Major Support Levels: $900, $876, and $861

Technical Analysis

On the daily chart, BNB against Tether is showing a clear recovery above the 20-day and 100-day MAs. Meanwhile, the stochastic RSI’s position above the 80-level indicates strong bullish momentum, although it is approaching overbought territory, suggesting a short-term pullback is lurking.

As it stands, the volume bar appears to be picking up, indicating a potential move towards $912 for a potential move above $995.

Meanwhile, @Tradercobb has shared an optimistic BNB, highlighting its strong performance over the longer period timeframe. The analyst posits that the coin is currently positioned in the “cradle zone,” a technical indicator often associated with upward trends. To this end, the trader notes that the chart looks very promising, although it’s still early in the month, and expresses hope that Binance CEO CZ’s recent pardon could positively impact the coin’s future performance.

BNB/USDT Analysis: Gearing Up Towards $912

On the 4-hour chart, BNB/USDT appears stuck around $908 resistance. While the price action has been supported by the 20, 50, and 100-period MAs, the coin is encountering selling pressure around the long-period SMAs.

Meanwhile, the Stochastic RSI, on the other hand, indicates a small opening for further movement upside. However, the coin appears overbought in the short term, which could signal a possible price pullback or continued sideways movement.

Conclusively, if the pair can record a break above $908, a renewed bullish momentum could be seen; otherwise, failure to do so may prompt a correction toward the $892 and $882 support levels.

BNB (BNB/USDT) Surges Amid Technical Breakout, Reclaiming Key Support
BNBUSDT-4H Chart

 

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