Binance Coin (BNB) – On the verge of strengthening its bullish momentum

Binance Coin (BNB) – On the verge of strengthening its bullish momentum

Posted on Wednesday, August 3 2022 at 8:54 pm GMT+0000

After two silent days, Binance Coin (BNB) bounced on Wednesday recouping almost all of the losses posted earlier this month, as the middle-line of the regression channel stretched from the June 18th bottom managed to add strong footing under the price.

Despite flattening lately, the Ichimoku directional lines remain positively intersected while the oscillators are also suggesting that bullish forces are keeping the upper hand. The RSI stepped decisively on its moving average and shot higher in the bullish territory while the TSI is rising above its signal and zero lines, both promoting further price advances.

So, if the price sustains its current path, and finally clears the upper-line of the channel and more importantly the nearby last Friday’s top of 302.00, the buyers will then push harder towards the May 25th peak of 337.00. Snapping that key obstacle may see another challenging battle around the March 14th inside swing low of 359.40.

Should the upper-line of the channel prove a hard nut to crack, the sellers may resurface and overwhelm the channel’s middle-line and the adjacent Tenkan-sen line of 270.85. In such a case, the Kijun-sen line may come to the rescue in cooperation with the upper surface of the cloud at around 259.00. While within a breathing distance, the 247.80 – 239.70 support foundation molded by the July 8th inside high and the July 26th bottom will attract attention. A breach of that region would open the gates for the lower surface of the cloud ahead of the June 30th low of 205.70.

To summarize, Binance Coin is currently sustaining a sturdy bullish tone, and a decisive close beyond the 302.00 resistance boundary could boost the bullish bias in the medium-term picture.