- BNB price action projecting a bullish cycle within a rising channel, target $270.
- After a 25% fall in June, BNB dropped to $230 but recovered due to strong buying activity.
- Rising channel with multiple bull cycles, highest accounting for an 11% jump but failed to surpass 50-day EMA.
- Morning Star pattern forming on support trendline, 4-hour chart shows rounding bottom pattern with neckline at $245.
- If BNB breaks above $245, target $257; 50-day EMA may resist recovery rally.
- Resistance trendline from the previous downtrend may hinder further bullish growth.
- Recovery rally lacks significant spikes in trading volume, raising sustainability concerns.
- RSI indicator sideways near halfway line, recent uptick suggests potential uptrend.
- MACD indicator's signal and MACD lines preparing for bullish crossover.
- Bullish scenario: BNB reaches $257 before challenging the resistance trendline at $270.
- Downside: Reversal from $245 could lead to fall back to $237.