BNB Technical Analysis: Binance Above $300, Prepares Another Jump

The BNB prices attempt to exceed the $9.5 resistance level to take a hit at $10. Will buyers manage to sustain the buying pressure? Key Technical Points: The Binance (BNB) price action shows a breakout rally surpassing the $300 mark. The bullish turnaround in the 50-day SMA teases an improvement in the underlying bullishness. With a market cap of $49.12 billion, the intraday trading volume of Binance has dropped by 89% to reach $2.26 billion. Past Performance of BNB As predicted in our previous article, the BNB price retests the broken range, and with the 100 SMA acting as a bullish launchpad, the trend reverses to crack above $300. The successful post-retest reversal comes after multiple Doji candles near the $280 mark. Moreover, the bullish engulfing candle of 4.90% jump undermines the declining trend due to supply pressure at $295. Hence, the price action displays a high possibility of uptrend continuation as the buying pressure increases gradually. Source – Tradingview BNB Technical Analysis As the BNB price trend breaks above the psychological mark of $300 and shows a bullish trend continuation, the improved underlying sentiments are evident. Hence, traders can hope the uptrend reaches the overhead resistance at $350, accounting for a price jump of 15%. Moreover, the intraday trading volume spike supports the bullish breakout rally. As the Binance market price grows above the 100-day SMA, traders can expect the uptrend to...