Binance Coin Breaks Out; Eyes $300 Price Target

BNB Coin

After a period of trading without much movement, the Binance Coin (BNB) has finally shown a positive trend. Within the last 24 hours, the BNB token surged by over 9%, contributing to a total gain of more than 15% over the past week. This highlights a growing interest in buying BNB within the cryptocurrency space.

Get Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On

Previously, BNB traded within a tight range, moving between $222.7 and $230.2 for over a week. However, the bulls took control, breaking out of this range. Despite this positive move, the rally was short-lived as the price encountered resistance at $247.2.

TradingView: BNB/USDT

BNB Price Action: Peaks, Pullbacks, and Sideways Trading

Following a surge, the Binance Coin (BNB) faced a pullback that erased all gains, settling at the support level of $230.2. The market then gained momentum, propelling the price with an approximately 11% jump.

Subsequently, BNB traded within a confined range, oscillating between $247.2 and $255.5. However, a loss of momentum led to an 8.5% correction. Revisiting the resistance at $238.3, the BNB coin price saw the bulls regaining control, initiating a robust 14% jump.

Get Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On

In recent developments, the price has engaged in sideways trading, fluctuating between $264.8 and $272. Notably, a recent breakout above the resistance level hints at a resurgence of bullish influence in the market.

Centered JavaScript

BNB Technical Analysis: Bullish Signals and Key Levels

Analyzing the technical indicators, the MACD reveals a rising histogram, signaling an increase in buying pressure. Additionally, the averages demonstrate a bullish convergence, suggesting an imminent significant price movement.

In the event that the market successfully maintains the price above the support level of $280.7, the bulls are likely to regain control, testing the resistance at $290. Sustaining this level could pave the way for BNB to aim for its upper resistance at $300 in the upcoming week.

On the flip side, if bears overpower the bulls, causing a loss of momentum, the price may test the support level at $264.8. Further dominance by bears could lead to a decline, challenging the lower support at $255.5. Traders should closely monitor these key levels for potential market movements.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


Join Cryptos Headlines Community

Follow Cryptos Headlines on Google News


  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

    View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *