Disclaimer: The findings of the following analysis are the only opinions of the writer and should not be considered investment advice
Binance Coin is the exchange token of the largest cryptocurrency exchange by volume, Binance. On the charts, Binance Coin had a bullish outlook for the past few weeks as it climbed past the $390 level on the back of good demand. In the coming days, BNB can be expected to rise towards $460, with resistance levels at $435 and $445. Longer-term, BNB appeared to be heading towards $505.
The visible range of the volume profile over the past two weeks showed that the checkpoint was at $445. It also showed that the value area lows and highs were $415 and $460, respectively.
In addition to these observations, the hourly chart shows that the price has been trading in an ascending channel (yellow) since the last week of March. In the past few hours, this channel’s lower bound has converged with the Value Area Lows and has seen Binance Coin bounce towards $430.
This move is likely to continue higher towards the mid-range and range highs at $460 with the POC expected to offer some resistance.
The RSI had fallen from neutral 50 all day before. It reached 21.5 before recovering, but in recent hours it was able to climb again past the neutral 50 line. It stood at 53.4 to signal that momentum was shifting towards the bullish side.
This meant that bullish momentum was strong and could propel prices beyond USD 435 and USD 445. In addition, although the OBV fell, it was able to maintain a level of interest in the short term. The OBV and price action showed that the $415 area has been well defended during this bearish move.
Over the next few days, Binance Coin was likely to see a move towards $460. Heading there, the $445 level could create some solid resistance. A move below USD 415 would signal that USD 405 and USD 390 could be next on the bearish agenda.
This post BNB saw a jump out of a demand zone, could $460 be the next target?
was published first on https://ambcrypto.com/bnb-saw-a-bounce-from-a-demand-zone-can-460-be-next-target/