At the beginning of the week we observed a small bullish intention in the cryptocurrency market. Which, despite not being very strong, some took it very positively. Such is the case of the BNB token, the cryptocurrency of the world’s largest exchange, Binance. At the time of writing, it has a price of USDT 17.37, bullish for the short term, which makes us wonder if it is headed for USDT 20.
Current market context
The crypto ecosystem continues with a super calm behavior, product of the little fluctuation of the price of Bitcoin. Highlighting its volatility, which reached lows not seen since October last year.
Even though some market participants are behaving with bullish force, we should still see Bitcoin jumping above $ 10,400 to expect major gains.
In any case, the absolute truth is never known, and we could see rises totally unrelated to BTC, just as it is happening with the Cardano price.
Let’s see what the situation of the Binance token is currently, to know if it is ready to conquer the psychological barrier at $ 20.
BNB token technical analysis
In the medium term, the weekly candle about to close is being an excellent bullish signal, as it is enveloping the bearish intention of almost a month, and respecting the support at USDT 15.3 and the fast moving averages crossed to the upside.
While this note is being written, the price is struggling with the most relevant near resistance, which has locked it in a consolidation for almost 3 months.
If you break the resistance level at USDT 17.41, the ground will be cleared to USDT 24.38. This if we only observe the barriers in the weekly time frame. At the moment, the odds are in favor of this scenario.
To observe the short-term trend, the daily candle chart is a good place.
From here we can currently clearly see the strong bullish intention of the Binance token, observed during the current week, capable of breaking resistances and starting to create ever higher minimums.
On the daily chart we begin to see new relevant barriers, which are effectively obstacles to the uptrend.
As I mentioned, the price is currently struggling against resistance at $ 17.41, but looking at the daily time frame, it looks like the level at $ 18.13 will also be a very major hurdle. However, if the bulls do manage to get through it effectively, they will have free ground up to $ 21.35.
It seems that reaching USDT 20 will not be a major problem. In the short term, the odds are in favor of the bullish continuation.
The 8-day EMA and 18-day SMA moving averages have been following this intention.
The 200-day SMA was traded higher with the recent rise in the BNB token, and functioned as a dynamic support in the pullback that the price made last Thursday.
All our publications are informative, so in no case should they be adhered to as investment advice.