Binance Coin [BNB] Price Analysis: A Confirmed Breakout Materialized

The price of BNB/USD recently broke out of the previous resistance and is currently moving upward with strength. The current 12-hour candle is a bullish engulfing one. However, the price has generated bearish divergence in both the medium and short-term. In the short-term, the price has been following an ascending support line for the past 6 days and is in the process of creating a double top pattern.

Key Highlights

  • There is major resistance near $14.
  • There is support near $12.
  • Price is trading above medium and short-term moving averages.
  • There is medium-term bearish divergence developing.

Binance Coin Analysis – BNB/USD – 12-Hours Chart

Binance Coin Price Analysis
Chart Source: Tradingview, Binance

A look at the 12-hour chart for BNB/USD shows that price recently broke out of the $12 area of resistance in significant volume (Black arrow).  The current candle is a bullish engulfing candle. The price is currently trading at $12.9, close to the $14 area of resistance.

As for the indicators, the price is trading above the 7 and 21-period moving averages which have made a bullish cross and are moving upward with strength. There is a strong bearish divergence developing in the RSI, which is currently at 72, inside the overbought territory. The MACD has made a bullish cross and is moving up, but there is bearish divergence developing.

Binance Coin Analysis – BNB/USD – 30-Minutes Chart

Binance Coin Price Analysis
Chart Source: Tradingview, Binance

A look at the 30-minutes chart for BNB/USD shows that the price has been following an ascending support line for 6 days and 10 hours since the bottom at $10. We can see that the current upward movement was done in significant volume, which albeit has been decreasing. It is possible that the price is on the verge of making a double top pattern (bearish reversal).

As for the indicators, there is bearish divergence developing in the RSI, which is trading at 72, in oversold territory. The MACD is in the process of making or rejecting a bearish cross.

The post Binance Coin [BNB] Price Analysis: A Confirmed Breakout Materialized appeared first on Coingape.

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