Ascending Price Channel Aims For A Bullish Breakout Near $350

The BNB price relief rally continues reaching toward its saturation point. The formation of an ascending triangle indicates consolidation near the higher levels. The asset opened lower but picked up momentum during the session. The 24-hour trading volume fell 19.16% to $1,164,299,374.

• BNB price registers the second day of gains on Friday.
• The formation of an ascending channel points to a bullish breakout.
• The RSI near the overbought territory indicates an advantage to bulls.

As of publication time, BNB/USD is reading at $269.18, up1.26%for the day.

BNB points to more gains

On the daily chart, BNB is making higher highs and higher lows. At this point, BNB is facing near the bearish slopping line, which could act as minor resistance. The price moves in the ascending channel reaching near the upper trend line.

In addition to that, the price finds good support at the 50-day EMA (Exponential Moving Average) at $254.95. A daily close above the highs of July 19 at $274.92 would accelerate the upside momentum toward $300.

On the hourly chart, the BNB price was retraced from the higher levels. The price took support near the lower trend line of the channel.

A break below the session’s low would entice bears. As this would reverse the earlier gains facing resistance near the crucial resistance level near $275.

The daily Relative Strenght Index (RSI) reads at 60. It has been oscillating between 40 and 60 since the price has given the bullish breakout.

How to trade BNB

Any modest correction could see a bounce off as the bulls might be looking for a dip buying opportunity. This would increase the likelihood of an upside breakout. In that case, the BNB price could test the $300 mark followed by  $350.

However, a break below the 50-day moving average will suggest that the sentiment remains bearish and investors are selling on rallies.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

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.