Binance Coin Finds Support At $240 – Can BNB Barrel Past $300?

Christian Encila

2 years ago

2 mins read

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Binance Coin (BNB) seems to thrust upwards targeting the $350 mark with the support level spotted at $275 and resistance at $295.

According to CoinMarketCap, the Binance Coin’s price has spiked by 3.06% or $300.17 as of this writing.

Meanwhile, BNB has tapped on the support zone at $240 instigating a bullish movement that would push it closer to the $300 mark. On the other hand, the coin is still met with rather strong selling pressure.

Generally, the crypto market has been making positive price jumps signaling a bullish rally seen in the past 24 hours.

Chart: TradingView.com

Bullish Movement Seen With Strong Buying Activity

According to TradingView, the MACD is looking extremely bearish as seen in the red color of the chart. But, the histogram’s lighter shade implies a plunge in bearish momentum as BNB goes for a support above $280.

Price movement seen in the last ten days is significantly low. However, with the strong buying activity, the current EMAs reveal a bullish movement seen at 12-EMA going towards the 26-EMA which shows how buying activity goes.

RSI was able to breach the overbought zone level as seen on July 29 but it has since then been on a downward slope. The index has also dropped to 40.00 and looks rather neutral. Price volatility has also been low as seen in the narrowing of Bollinger Bands. Its lower limit currently gives support at $276.80 while the upper limit is met by resistance at $294.1.

Binance Coin May Soar Past $350

In general, the price analysis for BNB shows a strong buy signal with over 13 indicators showing an uptrend. The technical analysis also points to strong bearish dominance while revealing an extremely low buying process seen in the same timeframe. More so, around 9 indicators are neutral and have no signals as of this writing.

BNB price analysis reveals that the coin’s bullish movement started when it plunged to $240 and the point when the buyers pushed back. This buying action triggered BNB’s price to soar to the $300 resistance level.

Binance Coin (BNB) made a flip from the support line of $275 on August 2 implying a positive sentiment and strong buying activity. The bulls are now ready to push the price so it can supersede the resistance burgeoning at $300. And with a successful attempt, the BNB/USDT pair may gain traction and soar over the resistance set at $350.

Crypto total market cap at $1.26 trillion on the daily chart | Source: TradingView.com

Featured image from TIME, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.