Binance coin (BNB) – Strengthened is bullish demeanor significantly

Binance coin (BNB) – Strengthened is bullish demeanor significantly

Posted on Wednesday, March 2 2022 at 9:06 pm GMT+0000

Binance coin’s (BNB) bullish demeanor has strengthened significantly after the jump from the more than 5-month low of 324.00. Currently buyers are approaching the February 8th top aiming to complete a bullish double bottom formation.

Additionally, momentum oscillators are skewed to the upside. The Awesome Oscillator is rising over the last five days, while the Coppock Curve, which is usually used to observe major lows in the market, is sloping north creating a new bottom. Noteworthy is the positive divergence observed in the latter, as it created a higher low, in contrast with the price which dropped to a fresh trough on January 24th, before jumping higher.

So, buyers are currently expected to combat the 445.00 previous top, that being the neckline of the aforementioned reversal pattern. By successfully clearing that crucial hurdle, they will gain extra confidence to propel the price initially towards the January 16th top at 506.00. Next, they will navigate towards the target of the pattern at 585.00, which overlaps with the December 27th peak.

Otherwise, if the 445.0 resistance managed to shut the way higher, it will initially press the price towards the February 28th low at 356.00. While a bit lower, the latter may meet the January 24th bottom at 325.00. Diving past that will bring about the resumption of the broad downtrend, and in this case, the spotlight will immediately shift towards the July 26th low at 275.00.

To conclude, Binance coin is approaching a key resistance zone, and any decisive close higher will declare an official bullish trend reversal further raising buying interest.