Can BNB surpass $245? Technical indicators reveal insights

• Binance Coin (BNB) surpasses $240 resistance level, exhibiting upward push.
• Technical analysis suggests BNB unlikely to experience significant downward pressure.
• BNB’s potential rise to $245 depends on MACD and ADX indicators.

Binance Coin has recently demonstrated notable price surges and intermittent retracements. However, as of August 7, the consolidation phase has concluded, with BNB exhibiting an upward push and successfully surpassing the $240 resistance level.

Nevertheless, a pivotal inquiry may have arisen among market participants within the crypto industry: can BNB sustain its current position above the critical support threshold of $240.80?

Based on technical analysis, it is highly improbable for the cryptocurrency to experience significant downward pressure due to the heightened buying momentum.

Faint manifestations of weakness

This is because the BNB/USD 4-hour chart indicates a series of bullish engulfing candles in the past five periods, affirming the prevailing buyer momentum. Nevertheless, traders in the crypto industry must pay attention to the Moving Average Convergence Divergence (MACD) as it is currently displaying indications of weakness, serving as a significant entry indicator.

Currently, the MACD indicator is positioned at its neutral zero level, indicating a balanced market sentiment. Additionally, the orange dynamic line is currently surpassing the blue dynamic line, implying a potential resurgence of selling pressure, potentially leading to a shift in market control.

If the Moving Average Convergence Divergence (MACD) indicator fails to exhibit an upward movement into the positive territory, it could pose challenges for BNB to achieve a significant rise of $245. However, if the buying pressure persists and sellers do not reemerge in large numbers, it would validate the bullish momentum.

Like the MACD, the Know Sure Thing (KST) indicator has remained stagnant since July 25 in the crypto market. However, it is worth noting that the KST displayed a positive value of 1.69 during this period. Positive readings on the KST typically indicate a bullish momentum, while negative readings suggest a bearish momentum.

Bullish divergence required for BNB’s growth

When assessing the potential short-term trend of BNB, the KST analysis suggests that the coin can maintain its upward trajectory. However, to validate this observation, the KST must establish a higher low while BNB experiences a lower low. This occurrence signifies a bullish divergence, indicating an imminent upward movement in the market.

However, for BNB to solidify its bullish bias, it may require a shift in the Directional Movement Index (DMI). The +DMI (green) and -DMI (red) indicators are closely aligned. This current DMI stance could potentially result in BNB returning to a period of consolidation, with prices fluctuating within the range of $240 and $242.

For BNB to surpass the $245 mark, the Average Directional Index (ADX) must exhibit an upward movement, indicating a value of 25 in favor of the +DMI. Failure to observe this upward trend in the ADX may result in a minor downtrend for BNB.