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BNB Price Reaches The $340 Mark And Shoots Up

Dec 29, 2023 at 08:27 // Price

The price of Binance Chain Native Token (BNB) has recovered from its decline on December 24 and started a new uptrend. The pullback tested and recovered from the $260 breakout support.

Long-term forecast for the BNB price: bullish

BNB has reached a high of $328 at the time of writing. The cryptocurrency is reaching the $340 resistance level. The $340 barrier is the previous price level from May 1. Since the beginning of the upswing, the historical price level of May 1 has not been breached. 

On the positive side, the altcoin will face resistance at its historical price level. On the negative side, BNB will fall if it approaches and threatens to exceed its historical price level. The price of the altcoin will move between $300 and $340.

BNB indicator reading

Following the recent price rise, the price bars have risen well above the moving average lines, pushing the altcoin to new highs. The moving average lines are sloping upwards, indicating an uptrend. The altcoin is encountering resistance as it approaches the overbought area of the market.

Technical indicators:

Key resistance levels – $300, $350, $400

Key support levels – $200, $150, $100

BNBUSD (4-hour Chart) –Dec.28.jpg

What is the next direction for BNB/USD?

Binance Coin has risen significantly to previous highs and has surpassed the $260 and $300 price levels. The altcoin is facing minor resistance at its all-time high of $330. The altcoin is approaching its target price of $340. The cryptocurrency is rising as it breaks through early resistance levels.

BNBUSD (Daily Chart) –Dec.28.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do the research before investing in funds.

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