BNB Breaks Above $300 As Bulls Take Control, Is $400 Possible?
17 Mars 2023 - 06:00PM
NEWSBTC
As the broader cryptocurrency sees most coins registering high
gains, BNB is among those with a notable price increase. The token
has recovered all past weeks’ losses and shows parallel gains from
the 30-day to the hourly price increase. The fourth-largest
cryptocurrency by market cap gained 7.46% over the past 24 hours
and saw a 23.86% increase over the past seven days. The token
consolidated around $277 for four consecutive days, with $290
posing strong support. Also, BNB has recorded a surge in trading
volume over the past 24 hours, indicating increased network
activities. CoinMarketCap’s data shows a sharp spike in trading
volume from $352.47 million on March 12 to $1.33 billion today,
March 17. Now that BNB finally rose above $300, will it
sustain this rally and reach the $400 mark? BNB Breaks Support,
Gearing Towards Higher Highs BNB has been consolidating around $290
and $300, corresponding to its support levels, $311.78, $293.94,
and $283.59. However, it has broken above these support levels and
is gearing up to break the resistance levels, $339.97, $350.32, and
$364.16. Related Reading: Ethereum Maintains Bullish Form As
Developer Confirms Date For Shanghai Upgrade A break above
resistance levels often indicates higher volatility in the coming
days. Chances are high that BNB will witness increased price
volatility after it successfully breaks these levels, which is only
possible if it sustains the current rally. BNB reacted positively
over the past days as Bitcoin’s gains excited the bulls, pushing
price rallies across the cryptocurrency market. This bullish
sentiment caused Binance Coin (BNB) token to surge over 20% within
four days. The daily timeframe suggested a bullish market
structure for BNB as the coin beat the low of $287.56, climbing to
a new low of $309.33 and a high of $335.55 today. BNB Price Outlook
In The Coming Days, Can It Reach $400 Soon? BNB has been in an
uptrend since March 10, 2023, recording higher highs on the daily
chart. The long green candle formed on the daily chart on March 16,
2023, confirms that the bulls have seized control of the market.
BNB is trading above its 50-day and 200-day Simple Moving Average
(SMA), a bullish trend for the short and long term. Also, the
Relative Strength Index (RSI) is 70.08 in the overbought region.
The indicator is still moving upwards, suggesting further price
increases ahead. BNB’s Moving Average Convergence/Divergence (MACD)
is above its signal line and showing divergence. Also, the
histogram bars are at full strength, confirming the bullish trend.
The support levels are $283.59, $293.94, and $311.78, while the
resistance levels are $339.97, $350.32, and $368.16. Related
Reading: The US Fed adds $297 Billion In A Week, Fanning Bitcoin
Rally BNB is trading close to the $339.97 resistance level, and its
current price form shows it will likely surpass its resistance
level. However, a price pullback is possible for consolidation.
Expect BNB to increase to $400 if the bulls can rally beyond the
$368.16 resistance level in the coming days. Featured image from
iStock and chart from TradingView.com
Binance Coin (COIN:BNBUSD)
Graphique Historique de l'Action
De Mai 2023 à Juin 2023
Binance Coin (COIN:BNBUSD)
Graphique Historique de l'Action
De Juin 2022 à Juin 2023