BNB Continues Its Uptrend And Holds Above $300

Jan 11, 2024 at 13:46 // Price
Coin Idol

The price of Binance Coin or Binance Chain Native Token (BNB) has maintained its uptrend by reclaiming the 21-day SMA support and staying above it.

Long-term forecast for the BNB price: bullish

Since December 28, the price of the cryptocurrency has been fluctuating between the 21-day SMA support and the $340 resistance zone. Binance coin price has seen several double rejections in the last two weeks after peaking at $338. Now, the altcoin is rising to retest the $340 level.

BNB will rise to a high of $438 if buyers break through the current barrier. On the other hand, the altcoin will continue to fluctuate above the moving average lines if the bullish scenario is not fulfilled. The altcoin is trading at $315.20 at the time of writing.

BNB indicator reading

BNB's price bars are both above the moving average lines on the charts. The altcoin is rising as the price of the cryptocurrency finds support above the 21-day SMA. The moving average lines have remained horizontal despite the altcoin's price retesting the $340 barrier.

Technical indicators:

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

Key support levels – $200, $150, $100

BNBUSD (Daily Chart) –Jan..11.jpg

What's next for BNB/USD?

BNB has resumed its uptrend after the breakdown of the December 28 rally. The cryptocurrency is currently trading between $290 and $340. The price of the cryptocurrency has challenged resistance twice, falling below the moving average lines. 

Today, the altcoin is rising again to reach the resistance level. The current range will hold if the resistance is not broken.

BNBUSD (4 -Hour Chart) –Jan.11.jpg

The previous analysis of BNB predicted that as long as the doji candlesticks determine the price action, the price level of $317.30 (as of January 4, 2023) will remain unchanged.  

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 the research before investing in funds.

Show comments(0 comments)