BNB - potential mid-term uptrend continuation
Hello,
The biggest and most popular exchange token continues to be relatively stable compare to the rest of the Top 10 coins.
Moreover, the technical analysis on both the daily and weekly timeframes favors a potential uptrend continuation.
The BNB/USDT pair closed the previous seven-day period at the mid-term diagonal resistance on the 1W chart and a breakout confirmation this week, combined with the fact it bounced back perfectly from the $260 support and completed a Bull Flag consolidation, might result in a 20 percent jump to the next resistance area (from the current price levels).
This of course is if BTC and the overall markets condition does not worsen and supports a broader market relief rally instead. Additionally, the zone right below $300 is where the 21-period EMA and the last lower high sits, which can easily turn to be a rejection area for bulls.
Regards
The biggest and most popular exchange token continues to be relatively stable compare to the rest of the Top 10 coins.
Moreover, the technical analysis on both the daily and weekly timeframes favors a potential uptrend continuation.
The BNB/USDT pair closed the previous seven-day period at the mid-term diagonal resistance on the 1W chart and a breakout confirmation this week, combined with the fact it bounced back perfectly from the $260 support and completed a Bull Flag consolidation, might result in a 20 percent jump to the next resistance area (from the current price levels).
This of course is if BTC and the overall markets condition does not worsen and supports a broader market relief rally instead. Additionally, the zone right below $300 is where the 21-period EMA and the last lower high sits, which can easily turn to be a rejection area for bulls.
Regards