BNB, the native token of World’s largest crypto exchange Binance is a popular asset with a market capitalization of $43bn. The token rallied ahead of the July 27 Federal Open Market Committee meeting, but the expected 75 basis point rate hike might cap the current rally which is yet to be seen. The volumes of the asset swelled by almost 66% in the last 24 hours. BNB recovered from the 50-day simple moving average (SMA) ($239) on July 26th, suggesting that the bulls are attempting to convert this level into support.
At the time of writing, BNB was trading at $268.
BNB after making the low of $183.4 on 18th June has shown good signs of recovery and has rallied by almost 49% up to $274.8. The asset is trading in an ‘Ascending Channel’ where the lower trendline acts as a strong support and the upper trendline of the channel acts as a resistance. BNB is facing a strong resistance at $275 (Horizontal Trendline). Hence, to further rally it needs to give a breakout above the resistance with good volumes whereas if it breaks the lower trendline of the channel then the prices can drop and test $215 levels.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
|$ 215||$ 235||BNB||$ 275||$ 300.|
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