The Bullish Momentum On BNB’s Daily Chart Is Cooling Off

• BNB is trading at $259.27, and is currently down by about 0.20%.
• There is some bullish momentum present on BNB’s daily chart.
• In the case of a bearish reversal, BNB’s price will challenge the support at $289.

According to the crypto market tracking website CoinMarketcap, Binance Coin (BNB) is trading at $259.27, and is currently down by about 0.20%. The crypto is, however, in the green by more than 8% over the last week.

BNB’s 24-hour trading volume is currently down by more than 40% and now stands at $1,037,898,318.

The price of BNB has broken above the daily 20 and 50 EMA lines following an impulse on 22 November 2022. This impulse took the price of BNB from a low of $252 to a high of $301.80 the following day.

There is some bullish momentum present on BNB’s daily chart as the daily RSI line is positioned above the daily RSI SMA line. This momentum, however, is cooling off. This is evident by the RSI line that is sloped negatively towards the oversold territory.

BNB’s bullish momentum could receive a boost if the daily 20 EMA line crosses bullishly above the longer daily 50 EMA line. In order for this to happen, BNB’s price will need to overcome the resistance at $304.30. A successful challenge of this resistance level will see BNB’s price rise to $327.2.

This bullish thesis will be invalidated if BNB’s price drops below the daily 20 and 50 EMA lines over the course of the weekend. In the case of a bearish reversal, BNB’s price will challenge the support at $289. If this support level fails to hold, then BNB’s price will drop down to $275.

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