Binance (BNB) is rising from its swing lows and is currently priced at $551.24. The coin has been moving sideways for the past few days and has recently begun to uplift after parting from the support line.
At the beginning of December, BNB gave significant returns to its bears, with the continuous formation of bearish candles having lower lows and suppressing the up-trend line.
Though the price was moving at the edges of the up-trend line, the price failed to break it and move in an upward direction; instead, it came back to its support line. In the second half of the year, the coin has been leading to upside momentum with higher peaks.
The price couldn’t break the previous resistance even after being tested several times at that point and had formed swing lows. It can be an opportunity for the bulls to buy the coin at a discounted rate as the price will soon rise from the support line. The stop loss can be taken at the swing low of $501 with a high of $700.
The MACD line above the signal line gives a bullish indication on the daily chart. The histogram chart also shows green candles. The bulls may expect an upside price momentum in the upcoming days.
The RSI at 52 is neutral; however, it may soon head towards its overbought zone. The volume is unfavorable towards both bears and bulls as neither has pushed the price in any direction.
On the weekly chart, the bulls are pushing the price but are unable to close the price near its high. Thus the swing high is being formed. The price is trailing above the previous lower peak of $543.
The bulls need to push the price up for an upside momentum in the long run. The indicators have not given a buy signal in the weekly chart; however, the candles are formed upside down. The investors may enter the trade based on the daily chart technicals.
