The BNB price shows a bullish breakout of a rising channel pattern with increased demand. Will this breakout rally reach $350? Key Technical Points: The BNB prices jumped by 3.73% in the last 24 hours. The price action displays a bearish opposition from the $290 mark. The 24-hour trading volume of Binance is $2.77 billion, indicating a hike of 64.88%. Past Performance of BNB As mentioned in our previous analysis, the BNB price action breaks the bearish influence of a resistance trend line at $265. The breakout rally continues within the rising channel before breaching the 100-day SMA resulting in the bullish breakout of the said pattern. The breakout rally, however, shows higher price rejection from the psychological mark of $300, projecting a potential retracement to retest the bullish breakout. Source – Tradingview BNB Technical Analysis The bullish break out of the rising channel pattern shows an increase in trading volume, projecting a high likelihood of an uptrend continuation. Hence traders can expect the BNB prices to exceed the psychological mark of $300 after a successful post-retest reversal. As mentioned before, the bull run exceeds the 100-day SMA after a bullish reversal from the 50 Day SMA. Hence the increasing bullish influence over the SMAs projects a high likelihood of a bullish turnaround that may lead to crossover events. The daily RSI slope sustains above the support trendline and reaches the overbought bou...
