BNB Upside Forces Resume Action
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- BNB maintains its upward momentum following a recent token burn.
- The SRSI and price trading above the 9-day EMA indicate strengthening bullish momentum.
- BNB could break above the $800 mark if the upward trend continues.
The BNB Chain has just carried out a token burn. As a result, the token’s price can be seen witnessing a positive upward bounce. Indications also hint that prices may continue to rise as trading progresses. A detailed market analysis is below.
BNBUSDT 24-Hour Chart
The BNB market has maintained its upward rebound through today. The token’s price rebounded upward three sessions ago. The current session has remained on an upward path and stands above the 9-day Exponential Moving Average (EMA) line. At the same time, the Stochastic Relative Strength Index (SRSI) indicator lines are rising steeply. The lead line has moved past the 50 mark and stands at 66, while the lagging line remains below it at 39.31.
Upside Forces in the BNB Market Are Looking Formidable
Going by the available indications presented by the technical indicators used, prices in the BNB market will most likely maintain their upward trajectory. The rising Stochastic Relative Strength Index suggests that the bulls are showing notable strength.
Simultaneously, the ongoing session stands above the 9-day EMA curve. This further gives bullish traders the conviction to maintain their positions in the market while encouraging new ones to take a bullish stance. As such, it appears increasingly likely that further price increases may occur in this market.
BNB Is Eyeing the $800 Mark in the Near Term
Looking at the BNBUSDT price chart, upside forces are still likely to influence price movements. The ongoing session is bullish and is positioned above an important technical level, suggesting the possibility of further price increases. Considering this alongside the token burn exercise, it seems that the token may breach the $800 mark shortly.
