The Day Ahead
It is a quiet day ahead, with no US economic indicators to provide direction. The lack of external market forces leaves BNB in the hands of the crypto news wires.
While SEC v Binance-related news will continue to move the dial, regulatory chatter from other jurisdictions also need consideration.
However, investors should also monitor SEC v Ripple case-related news. A Ripple victory could ease market jitters over an SEC victory in the SEC v Binance case.
Binance (BNB) Price Action
This morning, BNB was up 3.30% to $247. A bullish start to the weekend saw BNB rise from an early low of $237 to a high of $249. BNB broke through the First Major Resistance Level (R1) at $241 and the Second Major Resistance Level (R2) at $244.
BNB Technical Indicators
Looking at the EMAs and the 4-hourly candlestick chart (below), the EMAs sent bullish signals. BNB sat above the 50-day EMA ($246). The 50-day EMA narrowed to the 100-day EMA, with the 100-day EMA flattening on the 200-day EMA, sending bullish signals.
A hold above the 50-day EMA ($246) would support a move through R3 ($251) to target the Wednesday high of $253. However, a fall through the 50-day EMA ($246) would signal a reversal and bring S1 ($234) into view.
Resistance & Support Levels
BNB has to hold above the Major Resistance Levels and the $237 pivot to target the Third Major Resistance Level (R3) at $251. A move through the morning high of $249 would signal an extended breakout session. The crypto news wires should be crypto-friendly to support an extended rally.
In the event of an extended rally, BNB would likely test resistance at the Wednesday high of $253. BNB sits well below the June high of $309.
A fall through Major Resistance Levels and the pivot would bring the First Major Support Level (S1) at $234 into play. However, barring a crypto event-fueled reversal, BNB should steer clear of the Second Major Support Level (S2) at $230. The Third Major Support Level (S3) sits at $223.
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