Today we continue our series of analyzing the price action of top-listed altcoins on the Midas platform. We will be taking a look at BNB – the third largest non-stable crypto by market cap. At time of writing, BNB is trading around $275. Despite the recent dump, BNB is still trading up about 5% over the week. Will BNB’s slow grind upward continue?
Let’s take a look at the charts.
BNB Price Analysis
BNB’s daily moving averages have switched into the neutral configuration, with the 50SMA rising above the 100. BNB attempted to form bullish divergence and rise above the 50 SMA this week, but was rejected. This key resistance is also in the $294 zone, which correlates with resistance we identified on the 4H chart.
Support is below at the 100SMA at $268, which also correlates with our previously identified support zone.
If BNB breaks above the daily 200SMA it could signal the start of a new bull run. This key level is at $320.
On the daily chart, BNB’s momentum looks neutral and primed for consolidation. The RSI is neutral but Stochastic is trending down with the sideways price action. If the $268 support area does hold, this could turn bullish as the stochastic resets.
The weekly chart looks similar to the daily. RSI is neutral and Stochastic is at the top of its range and has begun to descend. BNB needs to hold support levels and consolidate sideways to gather strength before a move upward. Key support at the weekly 200SMA has not been touched throughout the bear market. This level is at $174.
BNB is holding up well despite the turbulent market. It has performed better than BTC and other top alts. Moving averages are beginning to look neutral, but sideways consolidation is needed to gather strength. It is important for BNB to hold above the support zone of $268-270.