BNB Breaks Above $300 As Bulls Take Control, Is $400 Possible?
As the broader cryptocurrency shows that most coins are registering high returns, BNB is among the coins with a notable rise in price. The token recovered the losses of all previous weeks and shows parallel benefits from 30-day to hourly price increases.
The fourth largest cryptocurrency by market capitalization scored 7.46% in the last 24 hours and increased by 23.86% in the last seven days. Token consolidated about $277 for four consecutive days, with $290 representing strong support.
In addition, BNB recorded a surge in trading volume over the past 24 hours, indicating an increase in network activity. CoinMarketCap Data shows a sharp jump in trading volume from $352.47 million on March 12 to $1.33 billion today, March 17.
Now that BNB has finally risen above $300, will it sustain this rally and reach the $400 mark?
BNB breaks support as it approaches higher highs
BNB is consolidating around $290 and $300, which is in line with its support levels of $311.78, $293.94 and $283.59. However, it has broken through these support levels and is preparing to break through the resistance levels of $339.97, $350.32 and $364.16.
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A break above resistance levels often indicates higher volatility in the coming days. Chances are high that BNB will witness increased price volatility after successfully breaking these levels, which is only possible if it sustains the current rally.
BNB has reacted positively in recent days as the rise in bitcoin has galvanized the bulls, pushing prices up in the cryptocurrency market. These bullish sentiments saw the Binance Coin (BNB) token rise by more than 20% within four days.
The daily chart suggested a bullish market structure for BNB as the coin hit a low of $287.56 to hit a fresh low of $309.33 and a high of $335.55 today.
BNB price prediction in the coming days, could it reach $400 soon?
BNB has been in an uptrend since March 10, 2023, making higher highs on the daily chart. The long green candle that formed on the daily chart on March 16, 2023 confirms that the bulls have taken control of the market.
BNB trades above its 50-day and 200-day levels Simple Moving Average (SMA), bullish trend in the short and long term. Also Relative Strength Index (RSI) is 70.08 in the overbought zone. The indicator is still moving up, which indicates further price growth.
BNB Moving Average Convergence/Divergence (MACD) is above its signal line and shows divergence. Also, the histogram bars are in 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.
BNB trades close to resistance $339.97 level and its current price form shows that it is likely to break its resistance level. However, a price rollback for consolidation is possible. Expect BNB to rise to $400 if the bulls are able to rise above the $368.16 resistance level in the coming days.
Credit : www.newsbtc.com