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BINANCE PRICE ANALYSIS CMP-$330: Bulls are Fueling Towards the Next Milestone of $400?

Key Takeaways

  • On the daily chart, a bullish candle was formed yesterday
  • BNB has formed a Dragonfly Doji pattern on its weekly chart
  • BNB has broken through a short-term downward resistance line
17 Mar 2023 By : Coin Gabbar

The price of Binance Coin (BNB) has surged by over 6% and is currently trading above $320 against the US Dollar. This upward trend may continue if the resistance level of $335 is broken. Over the past few days, BNB has experienced a steady increase in value, starting from the support zone of $265.

The BNB/USD pair has experienced a significant surge in price, surpassing both the $280 and $285 resistance levels. This positive trend is similar to that of bitcoin and ethereum, indicating a promising outlook for Binance Coin. 

Furthermore, the 4-hour chart shows a break above a major bearish trend line with resistance near $284, further supporting the bullish sentiment. The pair has even surpassed the $320 resistance zone, currently trading above the $330 resistance level. 

In just one week, the BNB/USD pair has seen an impressive increase of over 21.50%, highlighting the potential for significant gains. As the market continues to evolve, it will be interesting to see how Binance Coin performs in the coming weeks.

The current trading price of BNB has surpassed $325 and is now above the 21 simple moving average (4-hours). A recent high of approximately $333.30 has been reached, and the price is currently consolidating its gains, remaining well above the 23.6% Fib retracement level of the upward move from the $300 swing low to the $333.30 high.

Firstly, there is an immediate resistance level at around $335, which could provide a solid foundation for growth. Additionally, the next major resistance level is at $342, which could further bolster the investment's potential. The most significant resistance level, however, is forming at around $350, which could be a key turning point for the investment's trajectory. If the investment is able to break through this resistance level and reach $350, it could potentially soar towards the $365 resistance level. Further gains could even push the investment towards the $380 level.

In the event that BNB is unable to surpass the $335 resistance, it may initiate a downward correction. The initial support on the downside is located around the $325 level. The first significant support is near the $315 level or the 50% Fib retracement level of the upward movement from the $300 swing low to the $333.30 high. The subsequent major support is situated near the $312 level. Should the $312 support be breached, there is a possibility of an extended decline towards the $300 support.

Price Analysis estimates that the market capitalization of this BNB is $52,681,722,493. The coin's 24-hour trading volume is around $1,397,651,986.



SUPPORT LEVEL : $322-$315

The sudden surge in BNB price has left many wondering about its cause. While the exact reason behind this spike in value remains unclear, some speculate that it could be linked to the recent banking crisis in the United States. This event may have prompted investors to turn their attention towards crypto assets, including BNB. We would greatly appreciate it if you could share your insights on this matter in the comment section below.

Disclaimer: crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research and assess the risks involved before investing in any market.