- BNB’s price shows strength as it continues its rally, with eyes set on breaking its major resistance of $335, stopping the price from increasing.
- BNB might rally more if the market creates a bullish bias or holds above resistance.
- BNB’s price remains strong on the daily timeframes as the price trades above the 50 and 200 Exponential Moving Averages (EMA).
Binance Coin (BNB), which saw a remarkable price move, regaining its $270 support after it lost the region just a few weeks ago. All assets have seen a bit of relief, but Bitcoin (BTC), Ethereum(ETH) and MASK led the way with over half of all crypto assets posting gains exceeding 50% in 24 hours. It is still unknown if Binance Coin will break through this resistance, as uncertainty continues to creep in on the crypto market. Data from Binance
Weekly Chart: Binance Coin (BNB), Price Analysis
Many altcoins are continuing to show over 150% growth over the 7 days since breaking free from their range-bound movements. This is making crypto markets look more inviting. DOGE and other altcoins have enjoyed some impressive rallies.
Many altcoins struggled to maintain their support areas over the past week. The crypto market is now looking brighter and Bitcoin (BTC), prices are gaining momentum. However, this does not mean that the next month will be any easier as prices start to change.
BNB’s weekly close was above $300. The price rose to an all-time high of $330. There was a slight rejection that the price would break to $325. But the price failed to rise above this area.
SHIB’s bullish structure has been maintained above $300, as BNB sees a rally towards $335. This will act as resistance to BNB rallying higher.
Weekly resistance for the price of BNB – $335.
Weekly support for the price of BNB – $300.
BNB Daily Price Analysis (1D) Chart
BNB’s daily price remained stable as it stayed above its range channel. This support helped to keep sellers away from the BNB price.
BNB trades currently at $324. This is just below its key support at $300 for the daily timeframe. It was a breakout of a range channel that saw good volume and the price rose to a peak of $335. Then it lost momentum, declining to trend higher towards $400.
BNB may fail to make a break even if they close below $335. This could lead to the price falling to $300-$270. Prices can be supported by good price action. But a price rise above $335 would mean a rally to 400-$450.
Daily resistance for the BNB price – $335.
Daily support for the BNB price – $300-$270.
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