Binance Coin price analysis: BNB breaks above $310, eyes $330 next

TL;DR Breakdown

Binance Coin price analysis suggests an upwards movement to the $340.00 markThe closest support level lies at $300BNB faces resistance at the $315.00 mark

The Binance Coin price analysis shows that the BNB price action has broken above the $310 mark as the bullish activity increased. 

The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include DASH and LTC, recording an 11.35, and a 7.23 percent incline, respectively. 

Binance Coin price analysis: BNB breaks through $310 resistance

Technical indicators for BNB/USDT by Tradingview

The MACD is currently bullish, as expressed in the green colour of the histogram. However, the indicator shows low bullish momentum as expressed in the short height of the indicator. On the other hand, the darker shade of the indicator suggests an increasing bullish activity as the price approaches the $320.0 mark. 

The EMAs are currently trading above the mean position as net price movement over the last ten days remains positive. Currently, the EMAs are trading close to each other showing low momentum at press time. On the other hand, the diverging EMAs suggest a rapidly increasing bullish momentum. 

The RSI has been trading in the neutral region for the past five days but now moves back towards the overbought region as the bullish pressure escalates. At press time, the indicator is trading just below the overbought region at the 66.39 index level. The high position and the steep slope both suggest strong buying activity for the asset across the short-term charts. 

The Bollinger Bands are currently narrow as the price action observed low volatility in the past 24 hours. However, the sharp bullish activity in the last four hours suggests increasing volatility as the bands start to expand. The indicator’s bottom line provides support at the $301.30 mark while the bottom line presents a resistance level at the $315.40 mark.

Technical analyses for BNB/USDT

Overall, the 4-hour Binance Coin price analysis issues a strong buy signal, with 17 of the 26 major technical indicators supporting the bulls. On the other hand, none of the indicators support the bears showing little to no bearish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market.

The 24-hour Binance Coin price analysis shares this sentiment and also issues a strong buy signal with 16 indicators suggesting an upwards movement against zero suggesting a downward movement. The analysis shows strong bullish dominance across the mid-term charts with little bearish resistance persisting. Meanwhile, the remaining ten indicators remain neutral and do not issue any signals at press time.

What to expect from Binance Coin price analysis?

4-hour price chart by Tradingview

The Binance Coin price analysis shows that the Binance Coin market is enjoying a strong bullish rally as the price rose from $240 to the current $320 in the last 30 days. Currently, the price finds strong resistance at the $320.00 level but the rising bullish momentum may break above the level. 

Traders should expect BNB to break above the $320.00 mark as both, the short-term technicals and the mid-term analyses show strong bullish sentiment. Currently, the price action can be expected to rise to the $340.00 level before finding strong resistance.