Binance Price Gains Steadily And Aims For The $400 Mark

Feb 24, 2024 at 06:38 // Price
Coin Idol

Binance Coin (BNB) has seen a surge in price as the cryptocurrency makes a series of higher highs and higher lows.

BNB price long-term forecast: bullish

The altcoin is currently trading below the $390 mark after hitting a high of $387.10. Currently, the altcoin has retraced to a low of $374. The rise will continue if the altcoin retraces and stays above the 21-day SMA or the $340 support.

If the buyers push Binance coin above the $390 resistance level, the market will rise above the $400 high. Likewise, if the price falls below the moving average lines, the altcoin will fall even further and hit a low of $320.

BNB indicator display

The BNB price bars are steadily rising above the upward sloping moving average lines. As the cryptocurrency market recovers, the moving average lines have proven to be support levels. The cryptocurrency value will fall if the bears fall below the moving average lines.

Technical indicators:

Key resistance levels – $300, $350, $400

Key support levels – $200, $150, $100

BNBUSD (Daily Chart) –FEB.23.jpg

What is the next direction for BNB/USD?

The cryptocurrency has been steadily gaining as its price remains above the moving average lines. Buyers are hoping to push the altcoin above its $400 high. Nonetheless, the altcoin will fall if it drops below the moving average lines.

BNBUSD (4 hour Chart) –FEB.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Readers should do their research before investing in funds.

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