The Binance Coin (BNB) has recently found support at the $265 mark against the US Dollar. However, as the value of BNB continues to soar, it is expected that bears may take a strong stance near the $340 zone.
#BNB has experienced a significant surge of over 13%, breaking through the $300 resistance level. While there may be a correction in the near future, any dips in price are likely to be supported around the $280 mark.
This impressive increase in value began with a strong push above the $295 resistance zone, as BNB gained bullish momentum and continued to climb higher. The cryptocurrency was able to successfully clear the $302 resistance level, indicating a positive trend for the foreseeable future.
The value of BNB/USD has surged by over 13%, and it has successfully broken through the resistance zone of $310 and even tested near the $315 region. The price has reached a high of approximately $314.10. The current trading price of BNB has surpassed $295 and is currently trading above the 50 hourly simple moving average.
There are several key resistance levels to keep an eye on for the BNB/USD pair. The first immediate resistance is at the $307 level, followed by a major resistance at $310. The main resistance is forming near the $315 zone. If the price manages to break above the trend line and surpass $315, it could potentially reach the $321 resistance level. Further gains could push the price towards the $330-$340 level
In the event that BNB fails to surpass the $315 resistance, it may experience a further downward trend. The initial support on the downside is located around the $300 level, followed by the first major support at approximately $294. The subsequent major support is situated at the $286 level. However, if the $286 support is breached, there is a possibility of a prolonged decline towards the $270 support.
KEY LEVELS :
RESISTANCE LEVEL : $309-$315
SUPPORT LEVEL : $298-$292
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 #dyor and assess the risks involved before investing in any market.