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The BNB prices attempt to exceed the $9.5 resistance level to take a hit at $10. Will buyers manage to sustain the buying pressure?
Key Technical Points:
- The Binance (BNB) price action shows a breakout rally surpassing the $300 mark.
- The bullish turnaround in the 50-day SMA teases an improvement in the underlying bullishness.
- With a market cap of $49.12 billion, the intraday trading volume of Binance has dropped by 89% to reach $2.26 billion.
Past Performance of BNB
As predicted in our previous article, the BNB price retests the broken range, and with the 100 SMA acting as a bullish launchpad, the trend reverses to crack above $300. The successful post-retest reversal comes after multiple Doji candles near the $280 mark. Moreover, the bullish engulfing candle of 4.90% jump undermines the declining trend due to supply pressure at $295. Hence, the price action displays a high possibility of uptrend continuation as the buying pressure increases gradually. 
Source - Tradingview
BNB Technical Analysis
As the BNB price trend breaks above the psychological mark of $300 and shows a bullish trend continuation, the improved underlying sentiments are evident. Hence, traders can hope the uptrend reaches the overhead resistance at $350, accounting for a price jump of 15%. Moreover, the intraday trading volume spike supports the bullish breakout rally. As the Binance market price grows above the 100-day SMA, traders can expect the uptrend to reach the 200-day SMA, close to $250. The RSI slope maintains the uptrend to reach the overbought zone reflecting an increase in the underlying bullishness. However, a slight bearish divergence arises with the breakout rally teasing a potential bear attack. Moreover, the MACD indicator shows a positive trend of the fast and slow lines with a significant bullish spread. Hence, the technical indicator shows a high possibility of an uptrend continuation. In summary, the BNB technical analysis maintains a positive outlook for the upcoming trend as the buying pressure increases.
Upcoming Trend
If Binance prices exceed the $300 mark, the demand for BNB increases which may fuel the uptrend to reach the $350 mark. Conversely, a bearish reversal will retest the $300 breakout or lead to a drop to 100-day SMA if the selling pressure increases. Resistance Levels: $325 and $350 Support Levels: $300 and $280