BNB has been outperforming the market for quite some time and remains trading at $31.2. The digital asset has formed a potential bull flag on the daily chart and it’s looking for continuation. The nearest resistance level is $33.4, the high established on September 14.
Just recently, Binance, the exchange, announced $1 trillion in YTD trading volume.
The story of Binance becoming the world’s largest crypto exchange through our spot trading volume in our first year is one that we strived hard for. We are grateful that our Futures exchange has also been well-received by our users. We applied what worked for us in spot trading with Futures, ensuring platform stability, product innovation, excellent user-friendly interface and user support. We will continue to provide the community with the most engaging experience. User-centricity remains at the core across the entire Binance ecosystem,” said Changpeng Zhao (CZ), Founder and CEO of Binance.
BNB is greatly affected by the performance of Binance and positive announcements. More recently, the exchange announced the launch of two new coins to farm through the new Launchpool system.
Can BNB Price Reach $33.4 Before A Pullback?
Although there are basically no resistance levels until the high of $33.4, the daily chart is showing some warning signs. The RSI is close to being overextended. The last time this happened on September 14, the price of BNB crashed by 34% within the next two weeks.
BNB/USD Daily Chart – TradingView
On the other hand, the bull flag created is textbook, with increasing bull volume on the flag pole and decreasing volume on the consolidation. The trading volume indicates that a major price move is about to happen soon.
The MACD is also in favor of the bulls and gaining strength. Similarly, bulls have defended the 12-EMA several times in the past.
One of the most concerning bearish signs would be a loss of the 12-EMA. Although the price has pierced below this moving average several times, it never managed to close the day below it. A close below the 12-EMA and the 26-EMA would be notable and likely to shift the momentum in favor of the bears.
The next big support level would be located at $27.24 and $27. The maximum price target for the bears is $22.78, a support level established on September 24.