Binance Coin (BNB) Struggles To Break Above $335; Here Is What To Expect
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 could rally more as the price creates a bullish bias and holds above r...
- 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 could rally more as the price creates a bullish bias and 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).
The price of Binance Coin (BNB) displayed an incredible price action as the price recaptured its key support of $270 after losing this region a few days ago. The crypto market has enjoyed a little bit of relief bounce across all most assets, with Bitcoin (BTC) and Ethereum (ETH) leading the charge as most crypto assets, including MASK, produced over 50% gains in less than 24 hours. With uncertainty in the crypto market creeping in, it is yet to be known if Binance Coin (BNB) will finally break this resistance. (Data from Binance)
Binance Coin (BNB) Price Analysis On The Weekly ChartThe crypto market is looking increasingly welcoming as many altcoins continue producing over 150% gains over the past 7 days of breaking out of its range-bound movement. The likes of DOGE have seen some great runs rally.
The past weeks were tough for the crypto space, with many altcoins struggling to hold up their key support areas. With the week looking more promising and Bitcoin (BTC) prices gaining traction, the crypto market has enjoyed a measure of relief, but this can not be said for the new month as things begin to look slightly different in terms of prices.
After its weekly close of above $300, the price of BNB rallied to a high of $330; the price faced a minor rejection to break higher to a region of $325; the price struggled to break above this region.
The price of SHIB has maintained its bullish structure above the $300 region as the price of BNB eyes a rally to a region of $335, acting as resistance for the price of BNB to rally to higher heights.
Weekly resistance for the price of BNB – $335.
Weekly support for the price of BNB – $300.
Price Analysis Of BNB On The Daily (1D) Chart Daily BNB Price Chart | Source: BNBUSDT On Tradingview.comIn the daily timeframe, the price of BNB continued to look strong as the price held above its range channel, forming strong support to hold off the price from sellers.
BNB currently trades at $324, just above its key support formed at $300 on the daily timeframe after a successful breakout from a range channel with good volume as the price rallied to a high of $335, where it got rejected from trending higher to a region of $400.
If BNB fails to break and close above $335, we could see the price retraced to $300-$270, acting as good support for prices, but if the price breaks past $335, we would expect a rally to a high of $400-$450.
Daily resistance for the BNB price – $335.
Daily support for the BNB price – $300-$270.
Featured Image From zipmex, Charts From TradingviewOriginal source
Read on NewsBTCRelated market context
Elon Musk SpaceX AI Predicts Incredible Bitcoin Price For Next 30 Days
Here is the thing about capitulation calls. They only sound smart in hindsight. Right now, with Bitcoin price scraping along the l...
Bitcoin rises above $64,000 after Pakistan prime minister says Iran peace deal is near
Bitcoin traded above $64,000 on Saturday, supported by its strongest ETF inflows in a month and growing optimism around geopolitic...
Standard Chartered Says Bitcoin Bottomed Near $59,000 As Crypto Winter Ends
TL;DR Standard Chartered’s Geoffrey Kendrick reportedly says Bitcoin’s $59,000 area marked the cycle bottom. The note cites SpaceX...
Bitcoin Mining Cost Model Points To $47,000 Floor, But Analysts Urge Caution
TL;DR Crypto Rover says Bitcoin has never bottomed below electrical production cost, currently estimated at $47,000. Mining-cost m...
Are 24/7 CME Bitcoin futures a volatility cure — or a new leverage trap?
Wall Street got to trade Bitcoin around the clock just in time to watch the market fall apart. CME Group launched 24/7 trading for...
Bitcoin Bottom Is in: Standard Chartered Declares End of Crypto Winter
Standard Chartered says the bitcoin bottom may be in at $59,000 after a 53% drop from its $126,000 high. The bank says crypto wint...