Bnb Bulls Remain Strong

 Bnb Bulls Remain Strong

Bnb Sets Eyes On $400 Target As Bulls Remain Strong.

The short-term price action of Binance Coin (BNB) shows a bearish trend (lower high + lower low). However, we still can't deny that the long-term trend is bullish.

When we look at the fact that the BNB has remained strong despite all the market uncertainty as of late, it becomes clear that the next direction is upwards.

Bnb To Gain 5% Upside

From the current prices of the BNB, the altcoin will gain an additional 5%. For now, the pair can be seen inside a bearish channel and is showing consolidation. However, the history of BNB reveals that it is nothing more than a short-term correction.

Additionally, the BNB continued to show strength even though the altcoin market was in the red. This and the other factors inspire optimism about the bullish forecast for the BNB.

If the BNB follows the same path as it has in the past, it means the BNB will likely break the upper limit of the bearish price channel and clear the $387 hurdle. Once BNB buyers conquer this level, the next target of $400 will come into sight.

The RSI indicator on the BNB chart shows an overbought reading, while the MA lines show that the bulls remain in control. Furthermore, the AO indicator's histogram bars also confirm the presence of bulls.

Conversely, BNB bulls have gotten too carried away, and a correction is in order. The MACD highlights this possibility and hints at a growing presence of bears.

So, if the long-term bulls start to show weakness, it will allow the BNB bear to take control. If this possibility becomes a reality, the BNB could move lower towards the $360, followed by $350 and $300.

Although both possibilities are on the table, the chances of BNB hitting the $400 are much higher, given the current altcoin trend.

Trending Stories