Binance Coin Price: Will Market Recovery Push BNB Price Beyond $350?
The price of Binance Coin (BNB) has been on the rise, along with the overall recovery trend in the crypto market. After reaching a low of $287, the coin has gained momentum and is currently trading at $333, thanks to renewed buying pressure. This surge in price has strengthened the possibility of a bullish breakout from the flag pattern resistance, indicating a potential higher rally in the near future.
Technical analysis of the daily chart suggests that the recent pullback was actually the formation of a bullish flag pattern. With the broader market also showing signs of recovery, this pattern further supports a positive turnaround for BNB. Within three weeks, the altcoin’s value has already increased by 16.5%.
However, compared to other cryptocurrencies in the market, BNB’s rally seems relatively weak due to ongoing legal actions against Binance’s former CEO, CZ. The delay in CZ’s sentencing and potential legal consequences have impacted BNB’s position in the market, causing it to drop to fifth place.
If the current recovery momentum continues, BNB may experience a rally towards $350 and even $400.
Technical Indicator:
- Bollinger Band: The upward trajectory in the Bollinger band indicator indicates dominant buyer activity in BNB.
- Relative Strength Index (RSI): An uptick in the daily RSI slope above 60% signals bullish sentiment in the market.
Source: Coingape
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