Binance (BNB) technical analysis:
Trade setup: Following a bearish breakout from Rising Wedge pattern, price pulled back near $300 support zone, which could be an attractive swing entry. Previously, after a bullish breakout from Falling Wedge pattern, price reached our target of $340 but got rejected 4x thus far. That’s also a level where it got rejected last year in August and November.
Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $300 (previous resistance), then $260. The nearest Resistance Zone is $340, then $400.
Trade setup: Following a bearish breakout from Rising Wedge pattern, price pulled back near $300 support zone, which could be an attractive swing entry. Previously, after a bullish breakout from Falling Wedge pattern, price reached our target of $340 but got rejected 4x thus far. That’s also a level where it got rejected last year in August and November.
Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $300 (previous resistance), then $260. The nearest Resistance Zone is $340, then $400.