The BNB price has increased above $250 despite negative Binance news today.

The BNB price has nearly reached a descending resistance trend line that has been in place since December 2022. Will it break out?

BNB Deviation and Reclaim

The weekly timeframe technical analysis shows that the BNB price has traded between $220 and $350 since April.

The price fell to the bottom of the range in October but has increased since. It had seemingly broken down from the $220 horizontal support area at the time.

The BNB price increase has been swift, leading to a high of $268 this week.

Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.

Readings above 50 and an upward trend indicate that bulls still have an advantag

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Author: Valdrin Tahiri

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