Generative Data Intelligence

Binance Coin Continues Uptrend And Remains Below $420

Date:

Mar 01, 2024 at 08:57 // Price

The price of Binance coin (BNB) has maintained its uptrend after overcoming resistance at $340. Price analyis by Coinidol.com.

Long-term forecast for the BNB price: bullish

Since December 28, 2023, the current uptrend has been hindered by resistance at $340. Today, BNB rose to a high of $429.10 before falling back. The altcoin has fallen back below its high of $420. Over the past 48 hours, the uptrend has remained at a high of $420. Further upside for the cryptocurrency is unlikely as the market approaches the overbought territory. Should the current resistance be broken, the altcoin will rise even higher, possibly to $460. The altcoin will drop to a low of $330 if the 21-day SMA is broken.

BNB indicator reading

BNB price falls below and above the 21-day SMA before rising again. The BNB price is in an uptrend, with the price rising back above the 21-day SMA. The current uptrend will end when the price falls below the moving average lines. In the meantime, the crypto signal remains bullish as the price bars are above the moving average lines.

Technical indicators:

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

Key support levels – $200, $150, $100

BNBUSD (Daily Chart) –FEB.29.jpg

What is the next direction for BNB/USD?

On the 4-hour chart, BNB is in an uptrend and continues its pattern of highs and lows. On the 4-hour chart, the price of the cryptocurrency is trading above the moving average lines but below the $420 mark. The uptrend will continue as long as the price remains above the moving average lines.

BNBUSD (4 hour Chart) –FEB.29.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 their research before investing in funds.

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