- BNB coin facing strong rejection from the 100-day EMA
- The BNB/BTC pair was trading at 0.008404 BTC with a loss of 2.92%
- The 24 hr trading volume in BNB is $1.59 Billion.
Source- BNB/USD on Tradingview
After showing a remarkable price recovery of 30%, the new rally in the BNB coin is interrupted by a crucial resistance of the $333 level. Although the chart showed an amazing double bottom pattern in the daily time frame, the price is struggling to sustain above the $333 mark. Furthermore, with the formation of a shooting star Doji candle at this resistance, the BNB chart also shows a good chance of price reversing from this level.
Concerning the EMA’s, the price is currently above the 20, 50, and 200 EMA, which is quite a decent formation for a new bullish rally. However, the price is currently facing strong resistance from the 100 EMA.
The RSI (BULLISH) current value is 59, indicating a bullish momentum in the coin market. In addition, investors can also notice the RSI line has given a breakout from a resistance line, indicating the increasing bullish momentum.
The BNB Crypto Chart In The 4hr Time Frame
Source- BNB/USD on Tradingview
The BNB coin price showcased a breakout from the $333 level in the 4hr time frame. However, the strong rejection candle in the daily time frame shows a long rejection candle, which creates some doubt about the validity of this breakout in the smaller time frame. Therefore, BNB traders must wait for the price to show sustainability above the $330 level before entering the market.
The MACD indicator(BULLISH) still shows a bullish momentum as both the MACD and the signal are moving above the neutral zone. However, the indicator also shows a bearish crossover of these lines, projecting a sell singal for the BNB traders.
Conclusion: the BNB coin price tried to break out from the $333 resistance level, but the intense selling pressure has rejected all the efforts of the coin buyers, resulting in strong rejection candle at this level, suggesting the price could plunge back to the lower level and start a consolidation mood in the coin.
Support: $330, 309
Resistance: $380