BNB Price Analysis: Binance Coin (BNB) Uptrend Continues
The BNB price chart exhibits a continuing trend within the consolidation range, coinciding with Bitcoin’s surge to $34K. Binance started a positive cycle from the psychological mark of $200, indicating a high probability of a continued uptrend.
As market conditions improve, enticing more crypto traders, Binance price predictions remain optimistic for the upcoming years. The uptrend gains momentum, surpassing the 50-day Exponential Moving Average (EMA) and completing a successful positive cycle. It approaches the overhead ceiling at $280 before retracing to the $270 mark.
After the retest, buyers regain control, hinting at a potential breakout above the $280 supply zone. However, caution arises due to the possibility of a double top pattern on the daily chart, with the neckline at $270.
Currently, BNB trades at $226.9, marking a 1.11% intraday rise. Sustained momentum could lead to a breakout, potentially triggering a golden crossover.
Technical Indicators
- EMA: The 50-day EMA shows a positive turnaround, nearing a crossover with the 200-day EMA, indicating potential bullish momentum.
- MACD Indicator: The growing uptrend results in a positive crossover between the MACD and signal lines. Additionally, rising trends in the histograms suggest increasing momentum.
Will Binance (BNB) Price Reach $280?
If the overall market’s uptrend persists, BNB price may capitalize on the recovery, surpassing the $230 mark. Further gains could breach the $250 mark, with the 200-day EMA potentially extending the uptrend to $300.
Conversely, a reversal from $230 might push Binance coin price lower, testing the $200 support level.
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