Binance (BNB) technical analysis:
Trade setup: Trends are improving. Following a bullish breakout from Sideways Channel, price reached our target of $260, where it got rejected again, just as it did in July.
Swing Traders: Pullback near $220 support area could be an attractive swing trade entry, with upside back to $260 near-term. That $220 level was previously a resistance area, which was broken and turned into support area (concept known as polarity).
Trend Traders: Price needs to break above 200-day moving average (~$242) and $260 resistance zone to confirm Uptrend. If it does, it could revisit $300 next.
Trend: Downtrend on Short- and Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $220 (previous resistance), then $200. The nearest Resistance Zone is $260, then $300.
Trade setup: Trends are improving. Following a bullish breakout from Sideways Channel, price reached our target of $260, where it got rejected again, just as it did in July.
Swing Traders: Pullback near $220 support area could be an attractive swing trade entry, with upside back to $260 near-term. That $220 level was previously a resistance area, which was broken and turned into support area (concept known as polarity).
Trend Traders: Price needs to break above 200-day moving average (~$242) and $260 resistance zone to confirm Uptrend. If it does, it could revisit $300 next.
Trend: Downtrend on Short- and Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $220 (previous resistance), then $200. The nearest Resistance Zone is $260, then $300.