BNB coin price action shows a sharp reversal from the support trendline within the falling wedge and creates higher chances of a bullish breakout. Key technical points: BNB price sustains above the $400 mark. The EMAs maintain a bearish alignment. The 24-hour trading volume of Binance is $2.003 Billion, reflecting a rise of 22%. Past Performance of BNB BNB coin price shows a short-term correction rally in a falling wedge fashion accounting for a downfall of 15% downfall last month. However, the recent rise with a morning star pattern in the previous 48 hours reclaims the $400 mark. Furthermore, the monthly deflation rate goes from 15% to 10%. Source-Tradingview BNB Technical Analysis The BNB coin shows a bullish engulfing candlestick to test the short-coming resistance trendline. Moreover, a spike in trading volume reflects the bullish commitment behind the price jump. Hence, the chances of a bullish breakout increase. The flattish trend of the crucial daily EMA provides opposition to the bull run while maintaining a bearish alignment. However, the breakout of the EMAs will signal a buying spot. MACD Indicator: The MACD and signal lines maintain a bearish trend, crossing below the zero line. However, a potential bullish crossover arises as the bearish spread decreases. RSI Indicator: The RSI slope reaches the halfway mark from the nearly oversold zone and surpasses the 14-day average. Hence, the indicator reflects a spike in t...
