Binance Coin (BNB) appears to be pushing higher targeting the $350 mark with a support level spotted at $275 and resistance at $295.
According to CoinMarketCap, the price of Binance Coin has climbed 3.06% or $300.17 at the time of writing.
Meanwhile, BNB mined the support zone at $240, triggering a bullish move that would bring it closer to the $300 mark. On the other hand, the coin is still under quite strong selling pressure.
Typically, the crypto market made positive price jumps, signaling a bullish rally seen over the past 24 hours.
Bullish movement seen with strong buying activity
According to TradingView, the MACD looks extremely bearish, as shown by the red color of the chart. But, the lighter hue of the histogram implies a dip in bearish momentum as BNB opts for support above $280.
The price movement observed over the past ten days is significantly weak. However, with the strong buying activity, the current EMAs reveal a bullish move seen at the 12-EMA towards the 26-EMA, which shows how the buying activity is going.
RSI was able to break above the overbought zone level as seen on July 29, but has been on a downward slope ever since. The index also fell to 40.00 and looks fairly neutral. Price volatility has also been low, as evidenced by the narrowing Bollinger Bands. Its lower boundary is currently giving support at $276.80 while the upper boundary is hit by resistance at $294.1.
Binance coin may exceed $350
In general, the price analysis for BNB shows a strong buy signal with more than 13 indicators showing an upward trend. Technical analysis also indicates strong bearish dominance while revealing an extremely weak buying process seen during the same time frame. More so, about 9 indicators are neutral and have no signal so far.
BNB price analysis reveals that the bullish movement of the coin started when it plunged to $240 and buyers pulled back. This buy action pushed the price of BNB up to the $300 resistance level.
Binance Coin (BNB) jumped from the $275 support line on August 2, implying positive sentiment and strong buying activity. The bulls are now poised to push the price so it can replace the burgeoning resistance at $300. And with a successful attempt, the BNB/USDT pair could gain ground and break above the resistance set at $350.
Crypto total market cap at $1.26 trillion on the daily chart | Source: TradingView.com Featured image from TIME, chart from TradingView.com