😱🔥BNB may be about to go bullish: Watch out for these levels!🚀🚀
Technical indicators What should be considered if #BNB shows a bullish signal?
#Binance ’s native token $BNB has risen to 593 after testing a key support level. BNB’s technical outlook suggests that the price is expected to rise as data from the cycle trades increases, while signs that the recovery could continue.
BNB found support at the 50-day exponential moving average (EMA) of $573.3 on Wednesday. This recovery came after the $612.5 resistance level was rejected on Monday. As of October 24, the popular altcoin is trading at around $592.3.
What level should BNB target?
If the 50-day EMA support holds and BNB continues above $612.5, this would create a higher peak for the short-term uptrend. In this scenario, the next target could be seen at $674.8 on June 10.
The Relative Strength Index (RSI) on the daily chart has rebounded from the neutral 50 path to 54, indicating that the bulls are still ready for a recovery rally.
Futures signal an increase Coinglass data also aligns with this positive outlook. BNB’s long/short ratio reached its highest resolution in the last month at 1.05 on Thursday, while on Wednesday it was at 0.91. The ratio being above 1 indicates that more investors are expecting a price increase.
However, if BNB breaks the downtrend lines drawn by the 50-day EMA, which connects the lows formed by the August lows, this bullish scenario will be invalidated. In this case, BNB could appreciate by 6% and retest the $534.3 level seen on October 3.
