The post BNB Price Analysis: BNB Prices Prepare LIFT OFF From This Support Level!
With a 25% fall in early June, the BNB coin price plunged from the heights of $300 to meet at $230. However, the solid buyers absorbing the supply spree started a breather rally for Binance.
This bullish revival resulted in a rising channel formation that currently accounts for a 5.56% recovery. The channel has multiple bull cycles with the highest one accounting for an 11% jump, but failed to beat the 50-day EMA.
Currently, the Binance coin price prepares to lift off from the support trendline with a Morning Star pattern. In a shorter 4-hour chart, the BNB price action depicts a rounding bottom pattern with a neckline close to $245.
Considering the BNB prices manage to break above $245, the coin price might reach the previous swing high of $257. However, the 50-day EMA within the channel can provide resistance to the recovery rally.
Moreover, the downtrend before the 25% fall maintains a resistance trendline that may oppose further bullish growth.
The recovery rally also struggles to display any noteworthy spikes in trading volume. This questions the credibility of the uptrend sustaining any overhead supply.
Indicators
Coming to the indicators, the RSI indicator shows a sideways trend close to the halfway line. However, the recent uptick projects a potential uptrend. The MACD indicator displays the signal and MACD lines merged and preparing for a bullish crossover.
Conclusion
Therefore, if the bullish recovery is successful, the BNB prices can reach the height of $257 before challenging the resistance trendline at $270.
On the flip side, in case of a reversal from $245, the BNB coin price can fall back to $237.
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