BNB’s price manages to hold above $400 after the previous session’s modest losses. BNB price is consolidating below $420 since testing the highs of $424 on March 1. The bearish slopping line and the 200-EMA act as a double-whammy for the buyers. The price must cross both the levels with an above-average volume to continue with the gains.
- BNB price trades in a very tight range on weekends.
- Expect more gains towards $450 above the descending trend line.
- The immediate downside is capped near the 50-day EMA.
As of writing, BNB/USD is trading at $412.89, with 0.56% for the day. The fourth-largest cryptocurrency by the market cap is holding at $1,418,907,326.
BNB price consolidates before another leg up
Source: Trading View
On the daily chart, the BNB price is facing a challenge near the $420 mark as the price is unable to breach its last time tested highs on March 1. The price has found a reliable support level of around $350. After making record lows in February BNB price surged 31% to the recent swing highs.
Now, a decisive break above the bearish slopping line will meet the first upside hurdle at the critical 200-EMA at $431. This will be a crucial base to aim for the next higher level.
An extended buying pressure will bring the psychological $450 level into play.
On the contrary, a fall below the 50-day EMA will invalidate the bullish outlook in the asset. In that scenario, the BNB price would revisit the horizontal support level at $360.
Technical indicators:
RSI: The daily Relative Strength Index reads at 58 while moving above the average line. This indicates the underlying bullish momentum.
MACD: The Moving Average Convergence Divergence hovers above the midline with a neutral bias.
Trading volume: The Price Volume Trend indicator steadies higher from the February lows.
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