Bitcoin rose but the majority of the other top crypto tokens were trading lower during the early Asian session on Wednesday after positive US economic data. The key takeaway was that the economy is not breaking for now and recession is away. Optimism in the riskier asset class pushed the buoyed sentiments.
Following a bearish breakout from the rising wedge pattern, BNB saw a downtrend reversal, slipping below its 20-day moving average (~$240). This downward shift translated into an oversold status, with the Relative Strength Index (RSI) hovering around35.
Image: Chart-BNB
If BNB manages to break over the resistance level at $250 and hold as support, it will be bullish for the short-term. With sufficient buying activity, a break above $265 will lead to a rise towards $280 and higher. If BNB is unable to break through the $250 barrier, $230 serves as an early support level, with the $215 zone providing the next line of defence.
Major Levels
Support: $230, $215
Resistance: $250, $265, $280
(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
