Binance Coin (BNB) Technical Analysis Suggests a Bullish Market Structure

Binance Coin (BNB) technical analysis suggests a bullish market structure, with a series of higher highs and higher lows indicating a potential upward trend

Binance Coin (BNB) has been displaying a bullish market structure on the technical charts, evident from the series of higher highs and higher lows ¹. The coin’s price has been consolidating above $590, with key resistance levels spotted at $605 and $612 ². A bullish trend line is forming, offering support at $595, and the price must hold above $588 for continued upward momentum ².

Taking a closer look at the technical indicators:

- RSI (14): 59.66, indicating a neutral market sentiment ³

- Commodity Channel Index (20): 109.52, suggesting a sell signal ³

- MACD: losing bullish momentum, showing mixed signals ²

Chart analysis shows a fully intact bullish market structure on the daily BNB/USDT chart, with higher highs and higher lows ¹. The weekly chart also looks promising, with a potential target of $875 if the supply zone is flipped ¹.

Comparing BNB to other cryptocurrencies, BNB has been outperforming its competitors, such as FTX (FTT) and KuCoin (KCS) ¹. However, KCS/BNB is at strong resistance, and if the price flips this level, KCS may outperform BNB ¹.

Seasonality-wise, December has historically been a strong month for Bitcoin and Ethereum, with average returns of 16% ¹. If this trend continues, BNB may follow suit.

As always, remember that technical analysis is subjective and should be used in conjunction with fundamental analysis and market sentiment. Perform your own thorough research before making any investment decisions $BNB $ETH

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