BNB rebounds and regains long-term support
Binance Coin (BNB) has been on the rise since May 23rd and has recaptured the $ 330 support area.
While the token is expected to rise to $ 450, the direction of the long-term trend remains unclear.
BNB is gaining support again
On May 10, the BNB hit an all-time high of $ 691.77. Shortly thereafter, however, it fell sharply. The downward move culminated in a low of $ 211.70 that was hit on May 23rd.
The rebound that followed helped the token recapture the $ 330 region, which is a bullish development that, if continued, could result in an upward move.
In addition, the MACD is turning up and giving a bullish reversal signal. The RSI is below 50 and the stochastic oscillator has not yet produced a bullish cross. Still, both are on the rise.
The next resistance is at $ 452. It is possible for the NBB to consolidate between these levels before deciding its next direction of movement.
BNB / USDT daily chart | Source: TradingView
Trader TheEurosniper sketched a BNB chart indicating that further drop to the lows would indicate a good entry point. Since the tweet, the token has made a lower high within the range and started moving upward.
Short-term movement động
The six hour short-term chart supports the possibility of a rally towards resistance.
Even if the profit is just an ABC correction, the BNB would likely hit $ 450.
There is a confluence of resistance levels between $ 452 and $ 457. This is a 1: 1 A: C ratio and the 0.5 fib retracement level of the previous decline.
Both MACD and RSI support this uptrend.
BNB / USDT 6-hour chart | Source: TradingView
BNB / BTC
Shortly after hitting an all-time high on May 12, BNB / BTC broke below a rising wedge. Maybe this is an ending crossover.
The following drop looks impulsive and supports this possibility.
If so, the pair will likely be rejected by the 0.5-0.618 Fib resistance area and resume its downward movement.
BNB / BTC 6-hour chart | Source: TradingView
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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