BNB Technical Analysis: Old Bears Rise To Oppose Bullish Passage

The BNB prices inflate within a rising channel pattern to sustain above $250 but face opposition from an old resistance trendline. Key Technical Points: The BNB prices jumped by 3.86% in the last 24 hours. The reversal from the 50-day SMA starts a bull cycle within the rising channel. The 24-hour trading volume of Binance is $912 million, indicating a drop of 8.52%. Past Performance of BNB As mentioned in our previous analysis, the BNB prices sustain the wedge breakout rally and form a rising channel pattern. However, the prices fail to reach the $300 mark due to the supply pressure build-up near the resistance trendline resulting in a descent to the support trendline. Finally, the prices recover with a lower price rejection to cross above $250 and face the bearish trendline once again. Source – Tradingview BNB Technical Analysis The bull cycle restarting in the BNB price chart will face a bearish confluence of the $262 horizontal level and the resistance trendline. However, traders can find an advantageous breakout entry spot if the buyers successfully overpower the supply inflow at the resistance trendline. The market value of Binance’s native token is upheld above the 50-day SMA, which cushions the bearish attempts. However, the bullish breakout of the resistance trendline will also face the 100-day SMA acting as a bearish threshold. The MACD and signals lines merge after the recent bear attack and will diverge to regain be...