Binance Coin (BNB) is preparing for yet another attempt to break the September highs.
Uptrends are supported by both price action and technical indicators.
Since May 23rd, the BNB has been moving upwards along with the ascending support line. Hence, this line appears to measure the growth rate of BNB.
So far, the token hit a high of $ 518.9 on August 26th. However, it has fallen since then. This decline confirmed the $ 511 area as resistance. This is the 0.618 level of fib retracement that often acts as a resistance. Hence, the NBB needs to recover for the trend to be seen as bullish.
On September 26th, the token bounced off the ascending support line again and continues to move upwards.
The technical indicators in the daily timeframe have also become bullish. The RSI, a momentum indicator, has bounced off the 50 line and is moving up.
MACD is in positive territory and increasing. This means that the short-term trend is increasing faster than the long-term trend.
Finally, the super trend line is bullish (green circle). Supertrend is an indicator that uses absolute high and low prices to determine the direction of the trend. Since the BNB is above this line, the trend is considered bullish.
Hence, indicators from the daily timeframe show that the trend is bullish.
BNB / USDT daily chart | Source: Tradingview
The shorter-term 2-hour chart supports the continuation of the uptrend. It shows that the BNB broke the descending resistance line and ended the previous decline.
More importantly, the token has moved above the 0.618 fib retracement resistance area. While the initial rejection on October 7th (red circle) raised some doubts about the uptrend, the subsequent upswing, along with a break above the descending resistance line, supported the continuation of the BNB on the upside.
BNB / USDT 2-hour chart | Source: Tradingview
Trader @ 24KCrypto outlined the BNB chart, suggesting that the token has started a long-term wave that will take it to new all-time highs.
The source: Twitter
For the number to remain valid, the BNB must hold above the September 26 low of $ 320 (red line). As long as it does, the current rally could be part of the third wave of bullish impulse. Wave 3 is usually the strongest wave, so the rate of increase is expected to accelerate soon. This is also in line with the results of the technical indicators.
A drop below the red line invalidates this potential amount.
BNB / USDT 6-hour chart | Source: Tradingview
You can see the BNB price here.
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According to Beincrypto