BNB price has not fallen below previous lows and is showing strong signs of upward movement. After a downtrend, Binance Smart Chain’s native token is aiming for an upward bounce towards its previous highs.
Technical indicators pointing to a continued upward trend for BNB
Several indicators can be used to examine the charts to figure out where the BNB price is headed next.
4-Hour MACD: A technical look at the 4-hour MACD indicator shows that the MACD histogram is trending above the 0 line, with both the MACD line and the signal line crossing, pointing towards the 0 MACD line. Bullish trend. This can be seen in the image above.
RSI 4-Hourly: The Relative Strength Index (RSI) formation in the image below indicates an upward movement with the RSI signal line trending above the 50% level. This indicates that buyers are still very active in the market, overwhelming the power of sellers.
4-Hour Alligator: Looking at the 4-hour Alligator indicator, we can see that BNB is trading above the Alligator line, as both the Alligator’s lips and teeth have successfully crossed over the Alligator’s jaws. New rally.
As of this writing, the BNB price is up 1.35% and has been trading at around $561 over the last 24 hours. BNB price is showing bullish signals and is forming a base above the $508.1 support level. Additionally, the price is trading above the bearish trendline and below the 100 simple moving average (SMA) on the 4-hours chart.
final thoughts
In the previous downward move, BNB price created a major resistance level at $635 and a major support level at $508. Currently, BNB is moving towards this resistance level, if it is broken above this level the price could move higher and hit new highs.
On the other hand, if the price fails to break this key resistance level, it will reverse and begin a downward move towards the previous support level, and if it breaks below this support level, the price may fall further and start a new downtrend. tendency.