BNB’s Stellar Run: Can Binance Coin (BNB) Hold Above $300?

10 months ago 14

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A recent court verdict boosts Binance Coin (BNB) price, defying expectations and surpassing $300, exciting the crypto community.

Technical analysis shows potential for BNB’s upward movement, but a drop below $301 could change the outlook.

The recent negative court verdict against Binance has positively impacted Binance Coin (BNB) prices. Contrary to expectations, BNB has surged past the $300 mark, sparking excitement within the Binance community and the broader cryptocurrency market.

Technical Analysis Points to Continued Momentum

Technical analysts have been closely monitoring BNB’s recent price movements, and they note that the cryptocurrency has been trading in a range that has piqued buyers’ interest due to its favorable risk-to-reward profile. While a decline below $301 is still possible, price action and indicators indicate a more likely rising trajectory. Many traders are now considering taking long bets on BNB as a result of this.

The way that BNB has been interacting with the previous weekly resistance zone is an important feature of its current price action. Analysts believe that this support area may be crucial in pushing prices upward. Anticipating a price rise if BNB dips to this high-timeframe area of interest adds to the optimistic outlook.

Bullish Structure in 12-Hour Chart

A closer look at BNB’s 12-hour price chart reveals a bullish structure. A downturn below $307 might initiate a bearish trend, perhaps testing the $276–$266 support zone, according to an aggressive interpretation of the market structure. Though momentum has weakened recently, the current price action still supports the bulls.

The Relative Strength Index (RSI), one of the key indicators, is currently at 61, indicating strong positive momentum despite recent market volatility. The On-Balance Volume (OBV) has not decreased significantly, which is noteworthy and suggests that selling volume was still minimal when BNB momentarily reached $307.

Short-Term Sentiment and Potential Scenarios

Based on statistics from Coinalyze, the market sentiment trends marginally favor sellers. Prices and Open Interest have decreased during the last three days.

Furthermore, the spot CVD has suffered. But if prices break over $315 and Open Interest and spot CVD start to increase, it might be more realistic to foresee a climb to $335 and $350 in the coming week or two.

Going forward, analysts will closely monitor the $350-$355 resistance zone going forward, as it has remained unbroken for almost two years. A successful push past this barrier might represent a major turning point for BNB’s prospects.

Support Zone and Price Targets

BNB is presently going through a short-term pullback within its continuous uptrend. Bulls are actively trying to stop the decline in the zone between the 50% retracement level at $300 and the 38.2% Fibonacci retracement level at $309. Bulls will probably aim for $326 if the market breaks out of this support zone, as this is where heavy selling pressure can be encountered. If buyers overcome this barrier, the pair might surge to $338 and even hit the much sought-after $350 mark.