Binance Coin Could Be Set For A Litmus Test, Eyes $280
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- BNB price fluctuates below 50 and 200 EMA on daily time frame.
- BNB shows bullish power on the 4H time frame when the price breaks the asymmetric triangle.
- The price could be ready to retest the $280 1D and 4H resistance.
The price of Binance Coin (BNB) showed an uptrend in recent weeks, but the price has failed to respond against the peg (USDT). While the price of Binance Coin resists breaking above $337, which acts as a tough resistance area, the price of BNB has maintained a downtrend as the price broke its bullish structure. (Binance information)
Binance Coin (BNB) price analysis on weekly chart
The price of BNB has recently fallen as it bounced off a weekly low of $210 in a price rally to $340 before facing a rejection of the stip, and the price has struggled to recapture its uptrend.
The price of BNB remains above the critical $270 support level, which serves as a good demand area for buy orders. BNB price needs to break the weekly resistance of $280 in order to move higher.
To reverse the relief recovery, the price of BNB must break and stay above the $280 resistance, preventing the price of BNB from rising. If BNB price continues to reject $280, we may see a retest of $270 and possibly a lower support area of $210 on the weekly chart.
If the price of BNB breaks and holds above $340, this could start a big rally as this has proven to be a difficult break for the BNB price.
Weekly resistance for BNB price – $340.
Weekly support for BNB price – $270.
BNB price analysis on a four-hour (4H) chart
BNB price continues to look strong on the 4H timeline, breaking out of its downtrend area to form a good volume asymmetric triangle.
BNB is trading at $278, which is higher than the 50 EMA but lower than the 200 EMA. 50 EMA acts as support for BNB price while 200 EMA acts as resistance. BNB’s 50 and 200 EMAs are at $274 and $280, respectively.
Four hour resistance for BNB price – $280.
Four hour support for BNB price – $274-$250.
BNB onchain analysis
Based on on-chain analysis, BNB’s price looks more reasonable and offers a reasonable return on investment (ROI) compared to other cryptocurrencies that have struggled over the past three months. With the support of investors and partnerships, the price of BNB could do well.
Featured Image From zipmex, Charts From Tradingview and Messari