Binance coin (BNB) has been recovering for the past 48 hours. However, it has met with stiff resistance below $300.
After Binance Coin (BNB) bottomed at an average of $260 on July 20, buyers stepped in and carried the altcoin up to $296 with the effect of the positive atmosphere in the market. There has been a hard hurdle below the $300 psychological mark for almost 24 hours. The price bounces from this point and finds support in the range of $285-290.
We can trace the dynamic support for BNB price on the EMA 8 (3-hour chart) curve. When we look at the price action of the last 24 hours, the price that bounces from $296 meets buyers at this average value. EMA 21, which is located at $286 today, can work as a second support point.
Dynamic resistance is EMA 89 as seen in the chart. These very stable exponential moving averages give important clues about the direction of BNB coin.
A 3-hour opening and closing candle formation above EMA 89 ($296) may cause BNB to settle in the $300 band. So, where can the target levels be at $ 300?
Since the BNB market has been moving sideways for a month in particular, the daily view may be helpful for the first target in the $300 band. Accordingly, the 89-day EMA could be a consistent target for $345 BNB. Before this target level, short-term past price movements show that $328 worked first as support and then as resistance in June and July.
BNB/USDT Daily chart
The 3-hour stochastic RSI has reached the overbought level, which can be interpreted as a short-term correction if it slides below 80. Therefore, a 3-hour close below $285 will likely mean a deepening of the decline. In the daily view, the stochastic RSI is coming out of the oversold with a steep momentum. So, daily closes above $295 could trigger BNB to rise without correction.
Moreover, a day's close above the 8 and 21 EMA values located in the range of 295-300 dollars will be a very important bullish signal. The weakness of the buyer volume in the market is the biggest handicap for the positive technical outlook.
If bulls fail to reach enough volume to enter the $300 band, we can see that BNB/USDT may move towards the $260 support again.
Disclaimer: The information in the content is not an investment advice. Author is not responsible for your profit or loss. Every investment involves risks and requires knowledge.
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