BNB’s price manages to hold above $400 after the previous session’s modest losses. BNB price is consolidating below $420 since testing the highs of $424 on March 1. The bearish slopping line and the 200-EMA act as a double-whammy for the buyers. The price must cross both the levels with an above-average volume to continue with the gains.
- BNB price trades in a very tight range on weekends.
- Expect more gains towards $450 above the descending trend line.
- The immediate downside is capped near the 50-day EMA.
As of writing, BNB/USD is trading at $412.89, with 0.56% for the day. The fourth-largest cryptocurrency by the market cap is holding at $1,418,907,326.
BNB price consolidates before another leg up
On the daily chart, the BNB price is facing a challenge near the $420 mark as the price is unable to breach its last time tested highs on March 1. The price has found a reliable support level of around $350. After making record lows in February BNB price surged 31% to the recent swing highs.
Now, a decisive break above the bearish slopping line will meet the first upside hurdle at the critical 200-EMA at $431. This will be a crucial base to aim for the next higher level.
An extended buying pressure will bring the psychological $450 level into play.
On the contrary, a fall below the 50-day EMA will invalidate the bullish outlook in the asset. In that scenario, the BNB price would revisit the horizontal support level at $360.
Technical indicators:
RSI: The daily Relative Strength Index reads at 58 while moving above the average line. This indicates the underlying bullish momentum.
MACD: The Moving Average Convergence Divergence hovers above the midline with a neutral bias.
Trading volume: The Price Volume Trend indicator steadies higher from the February lows.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/binance-coin-price-prediction-bnb-price-looks-for-450-above-the-descending-trend-line-daily-close/