Technical Analysis for BNBUSD for 30th January 2023
BNB May Post More Gains on Breakout above $320
Past Performance of BNB
Like the rest of the markets, BNB bulls are solid and angling for more as the shift turns, buoying buyers. BNB remains within a bullish breakout formation at spot rates above $250. Still, traders should watch out for how prices react at $320. Any breakout with increasing volumes may see the coin soar to November 2022 highs.
BNB Technical Analysis
Buyers are firmly in charge. The bullish bar of January 29 follows the consolidation inside a rising wedge in the better part of last week. The immediate resistance is at $320, while support is the middle BB. As long as prices are above $285 and the 20-day moving average, any surge above the recent consolidation may see BNB soar to $350. This formation will allow swing traders to ride the trend as BNB bottoms up.
What to Expect from BNB
Bulls are confident, and BNB has more room if there are substantial gains above $320. If the breakout is with rising volumes above the liquidation line, buyers might push the coin to new reaction levels.
Resistance level to watch: $320
Support level to watch: $285
Disclaimer: Opinions expressed are not investment advice. Do your research.
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