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BNB Rallies to 5-Month High Despite SEC Demanding $4 Billion Fine – Is $300 Next?

3 mins
Updated by Ryan James
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In Brief

  • The BNB price has been on an upward movement since October, when it reclaimed the long-term horizontal support area of $220.
  • The weekly and daily timeframe Relative Strength Index (RSI) are both bullish, supporting the continuing of the upward movement.
  • Despite the bullish BNB price prediction, a daily close below the $350 horizontal support area could trigger a significant price drop.
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The BNB price has increased above $250 despite negative Binance news today.

The BNB price has nearly reached a descending resistance trend line that has been in place since December 2022. Will it break out?

BNB Deviation and Reclaim

The weekly timeframe technical analysis shows that the BNB price has traded between $220 and $350 since April.

The price fell to the bottom of the range in October but has increased since. It had seemingly broken down from the $220 horizontal support area at the time.

The BNB price increase has been swift, leading to a high of $268 this week.

BNB Movement
BNB/USDT Weekly Chart. Source: TradingView

Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.

Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite.

The RSI is increasing and is above 50, both positive signs.

Read More: 9 Best AI Crypto Trading Bots to Maximize Your Profits

What Do the Analysts Say?

Cryptocurrency traders and analysts on X believe the long-term BNB price trend is bullish.

JJJCycles said that the BNB price increase, despite the negative Binance news is extremely bullish. He stated that:

While the SEC files a lawsuit against Kraken, Binance coin is moving higher. Currently testing the downtrendline. Break out in the short term here tells you everything you need to know. This market wants to go higher rather than lower.

BNB Price Wedge
BNB/USDT Weekly Chart. Source: X

MAGS noted the same deviation and reclaim of the long-term horizontal range, suggesting that the price will soon begin a massive upward movement above $300. CryptoGodJohn also suggests that the price will move above $300 soon.

MacroCRG has a bullish outlook for BNB, suggesting that the altcoin will catch up to its peers. He stated that:

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

BNB Price Increase
BNB/USDT Weekly Chart. Source: X

Finally, Sheldon_Sniper and Crypto_Rand are both bullish in the short-term due to the positive price action above the main horizontal resistance area at $250.

Read more: How To Buy BNB (Binance Coin) in 4 Easy Steps

BNB Price Prediction: Can Price Move to $300?

The Relative Strength Index (RSI) in the daily time frame provides signs of a bullish trend.

The indicator is above 50, generating hidden bullish divergence (green). This is a sign that usually leads to trend continuation.

The price action shows that BNB has moved above the minor resistance at $250. However, it still faces resistance at $270, created by a descending resistance trend line.

If the BNB price breaks out from the trend line, it can increase by 35% and reach the next resistance at $350.

BNB/USDT Daily Chart
BNB/USDT Daily Chart. Source: TradingView

Despite this bullish 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.

The Rise and Fall of Binance. Source: YouTube

For BeInCrypto’s latest crypto market analysis, click here.

Top crypto platforms in the US | December 2023

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
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