Binance Coin Price Analysis: BNB Coin Ready To Retest The $480 Mark

  • BNB coin trading above the crucial EMA’s, i.e., 20, 50, 100, and 200
  • The BNB/BTC pair was trading at 0.009963 BTC with a gain of 2.46%
  • The 24 hr trading volume in BNB is $3.35 Billion.

The BNB coin continues with its bull rally as the price shows a successful breakout of a Cup & Handle pattern. The $440 level was critical for this pattern, and the price confirmed its sustainability above that level with two days of retesting candles. Since the breakout point, the price has risen by 14% and has managed to breach another minor level of the $480 mark. 

As per the EMA, the BNB coin signifies a bullish trend as the price is trading above the 20, 50, 100, and 200 EMA. Thus, each of these levels could provide great support for any reversal in the price. 

The RSI (BULLISH) current value is 79, indicating a bullish momentum in the BNB coin, as the price displays steady growth in its value. 

The BNB Crypto Chart In The 4hr Time Frame

The BNB coins price indicates a steady uptrend as the chart hits new highs and lower lows. The bull rally has overcome some intense resistance levels along the way, and just recently, it shows another breakout of minor resistance at the $480 resistance. Thus, the price is currently providing a retest to this level which could give a great entry opportunity for BNB traders. However, the traditional pivot level R2 offers strong resistance to the price, and for the safer side, the traders can add the remaining qty once this level is knocked out.

The moving average convergence/divergence (MACD) indicator (BULLISH) shows a bullish momentum, as both MACD and signal lines are moving higher than the neutral zone(0.00).

Conclusion:  from the technical perspective, The BNB coin signals a bullish trend in the price action and indicator, which is great news for trend traders looking for long opportunities in the Crypto market. However, as already mentioned, the traders can wait for the price to sustain above the $480 mark, which will allow re-entry for those that missed the bullish pattern.

Support: $480

Resistance: $541