The Price of Binance Coin (BNB) Maintains Uptrend, Overcoming Resistance at $340
The price of Binance coin (BNB) has been on an uptrend since December 28, 2023. It recently overcame resistance at $340 and reached a high of $429.10 before falling back. Although it has fallen below its high of $420, the uptrend has remained strong over the past 48 hours.
However, further upside for BNB is unlikely as the market approaches the overbought territory. If the current resistance at $340 is broken, the altcoin may rise even higher, possibly reaching $460. On the other hand, if the 21-day SMA (Simple Moving Average) is broken, BNB may drop to a low of $330.
BNB Indicator Reading
The BNB price has been fluctuating above and below the 21-day SMA. Currently, it is in an uptrend and has risen back above the moving average lines. As long as the price bars remain above the moving average lines, the crypto signal remains bullish.
Technical Indicators:
- Key resistance levels – $300, $350, $400
- Key support levels – $200, $150, $100
What is the Next Direction for BNB/USD?
On the 4-hour chart, BNB is still in an uptrend and continues to form higher highs and higher lows. Although it is currently trading below the $420 mark, it remains above the moving average lines. As long as the price stays above these lines, the uptrend will continue.
Hot Take: BNB’s Uptrend Faces Resistance at $340
The price of Binance coin (BNB) has been steadily rising, overcoming resistance at $340. Although it briefly reached a high of $429.10, it has fallen back and is now trading below $420. The altcoin’s uptrend remains strong, but further upside may be limited as the market approaches the overbought territory.
Technical indicators suggest that if the current resistance is broken, BNB could rise even higher to around $460. However, if the 21-day SMA is broken, the altcoin may experience a drop to a low of $330.
Despite these fluctuations, BNB’s overall trend remains bullish, with the price bars consistently above the moving average lines. This indicates that there is still potential for further growth in the future.
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