BNB’s price has not dropped below its prior low and appears to be trending upward. The native token of the Binance Smart Chain is trying to go upward and return to its previous high after a period of declining movement.
Technical Data Suggests a Continued Uptrend for BNB
4-Hour MACD: When examining the MACD indicator technically, it is clear that there is a bullish trend because the MACD histograms are trending above the zero line and the MACD and Signal lines have crossed and are moving in the direction of the MACD zero line. The image up above shows this.
Relative Strength Index (RSI) 4-hour Timeframe: The RSI signal line is observed trending above the 50% mark in the graphic below, which further signals an upward movement in the index’s formation. This suggests that buyers are still actively participating in the market, outpacing sellers’ strength.
4-hour alligator: The price of BNB appears to be beginning a new rally as the alligator lip and teeth have both successfully crossed over the alligator jaw. This suggests that the alligator indicator is trading above the alligator lines.
Final words
The price of BNB was able to establish one significant resistance level at $635 and one significant support level at $508 during the preceding downward movement. BNB is now trending in the direction of this resistance level; if it breaks above it, the price may rise much higher to set a new high.
April 2024, Cryptoniteuae
