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HomeNewsBinance Coin on the Rise: Will it Reach $340 High Following Recent...

Binance Coin on the Rise: Will it Reach $340 High Following Recent Recovery?

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  • Binance Coin (BNB) resumes bullish momentum, reaching $320 and targeting highs of $340 or $352 if it clears barriers.
  • Technical indicators show BNB above moving averages, with key resistances at $300, $350 and $400.

Binance Coin’s (BNB) recovery on its way to its previous high of $340 indicates positive momentum for this cryptocurrency. After two weeks of fluctuating between moving average lines, BNB has resumed its upward momentum, reaching a value of $320 at the time of this writing.

This price level corresponds to its historical level of January 15, 2024, although it has not yet managed to surpass the recent high of December 27, 2023.

If the bulls manage to break above the $320 barrier, the market is expected to move up to $340 or even $352. However, if they fail to maintain this momentum, BNB could enter a period of consolidation, trading above the moving average lines but failing to break above the $320 high .

Despite this, the cryptocurrency has managed to gradually climb above its previous high of $320.

BNB-indicator-reading binance-coin-recovers-again
Technical indicators by analyst101_TWJ

Indicators show that after the recent market recovery, prices now sit above the moving average lines, and BNB is aiming to reach its previous highs again .

The moving average lines continue to show a horizontal trend after the market recovery, and the rally has minimized the influence of the doji candlesticks, which had slowed the price action earlier.

Key technical resistance levels are at $300, $350 and $400, while key support levels are $200, $150 and $100.

BNBUSDT_2024-02-12_07-16-21
BNBUSDT via Tradingview

The direction to watch for BNB/USD, looking at the 4-hour chart, shows that BNB has resumed its uptrend and has broken above the moving average lines, reaching its previous high of $320. Buyers expect to break above the previous high of $338.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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