As the broader cryptocurrency sees most coins registering high gains, BNB is among those with a notable price increase. The token has recovered all past weeks’ losses and shows parallel gains from the 30-day to the hourly price increase.
The fourth-largest cryptocurrency by market cap gained 7.46% over the past 24 hours and saw a 23.86% increase over the past seven days. The token consolidated around $277 for four consecutive days, with $290 posing strong support.
Also, BNB has recorded a surge in trading volume over the past 24 hours, indicating increased network activities. CoinMarketCap’s data shows a sharp spike in trading volume from $352.47 million on March 12 to $1.33 billion today, March 17.
Now that BNB finally rose above $300, will it sustain this rally and reach the $400 mark?
BNB Breaks Support, Gearing Towards Higher Highs
BNB has been consolidating around $290 and $300, corresponding to its support levels, $311.78, $293.94, and $283.59. However, it has broken above these support levels and is gearing up to break the resistance levels, $339.97, $350.32, and $364.16.
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A break above resistance levels often indicates higher volatility in the coming days. Chances are high that BNB will witness increased price volatility after it successfully breaks these levels, which is only possible if it sustains the current rally.
BNB reacted positively over the past days as Bitcoin’s gains excited the bulls, pushing price rallies across the cryptocurrency market. This bullish sentiment caused Binance Coin (BNB) token to surge over 20% within four days.
The daily timeframe suggested a bullish market structure for BNB as the coin beat the low of $287.56, climbing to a new low of $309.33 and a high of $335.55 today.
BNB’s price currently stands at $334.4 in the daily chart. | Source: BNBUSD price chart from TradingView.com
BNB Price Outlook In The Coming Days, Can It Reach $400 Soon?
BNB has been in an uptrend since March 10, 2023, recording higher highs on the daily chart. The long green candle formed on the daily chart on March 16, 2023, confirms that the bulls have seized control of the market.
BNB is trading above its 50-day and 200-day Simple Moving Average (SMA), a bullish trend for the short and long term. Also, the Relative Strength Index (RSI) is 70.08 in the overbought region. The indicator is still moving upwards, suggesting further price increases ahead.
BNB’s Moving Average Convergence/Divergence (MACD) is above its signal line and showing divergence. Also, the histogram bars are at full strength, confirming the bullish trend. The support levels are $283.59, $293.94, and $311.78, while the resistance levels are $339.97, $350.32, and $368.16.
BNB is trading close to the $339.97 resistance level, and its current price form shows it will likely surpass its resistance level. However, a price pullback is possible for consolidation. Expect BNB to increase to $400 if the bulls can rally beyond the $368.16 resistance level in the coming days.
Featured image from iStock and chart from TradingView.com
This article has been originally published at: https://www.newsbtc.com/news/binance-coin/bnb-breaks-above-300-as-bulls-take-control-is-400-possible/