The BNB Price Increase
The BNB price has surged above $250 despite recent negative Binance news. Currently, the BNB price almost touches a descending resistance trend line that has been observed since December 2022. The question on everyone’s minds is whether it will successfully break out.
BNB Deviation and Reclaim
According to weekly timeframe technical analysis, the BNB price has been fluctuating between $220 and $350 since April. The price plummeted to the bottom of the range in October, gaining momentum ever since. Initially, it seemed to break down from the $220 horizontal support area, but it is quickly on the rise again now, reaching a peak of $268 this week.
Traders use the RSI as a momentum indicator to determine overbought or oversold conditions and to make decisions about asset accumulation or selling. A reading over 50 and an upward trend signal an advantage for the bulls. The RSI is on the rise, sitting comfortably above 50, both positive signs for BNB.
What Do the Analysts Say?
Many cryptocurrency traders and analysts are bullish about the long-term BNB price trend despite the negative Binance news. JJJCycles, for instance, considers the BNB price surge to be extremely bullish, especially if it breaks out in the short term by testing the downtrendline.
Meanwhile, MAGS and CryptoGodJohn predict the price will soon begin a significant upward move above $300. MacroCRG shares the same sentiment, stating, “We gonna get some volatile news flow surrounding Binance short term, so I’d be careful leverage trading $BNB. But if the case gets settled soon, all the insolvency FUD is dispelled + Binance are fully in the clear… I can see a rapid $BNB repricing to the upside as it makes up for lost ground against its peers.”
Similarly, Sheldon_Sniper and Crypto_Rand are bullish in the short-term due to the positive price action above the main horizontal resistance area at $250.
BNB Price Prediction: Can Price Move to $300?
In the daily timeframe, the Relative Strength Index (RSI) supports a bullish trend, sitting above 50 and generating hidden bullish divergence (green). The price action has moved above minor resistance at $250. The next obstacle is at $270, created by a descending resistance trend line. If the price climbs above this line, it could surge by 35% and reach the next resistance at $350.
Despite this upbeat BNB price prediction, a daily close below the $250 area will invalidate the bullish hypothesis and likely lead to a 20% drop to the closest support at $210.
Hot Take
The BNB community is bullish about the coin’s future, with the price surge indicating a possible upward movement. Despite negative news, analysts and traders expect BNB to break out and create new highs, especially if it clears the $270 resistance, setting it on track for $300 and beyond.
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