The post Binance Coin Price Jumps over 25% This Week! What’s Next For BNB Price In 2024? appeared first on Coinpedia Fintech News
After displaying weak market sentiments for months, the BNB price has successfully regained momentum and has recorded gains of over 11% within the past day and has added over 24% during the past week.
The BNB coin price traded in a range between $222.7 and $238.3 for a brief period, following which the bulls gained power and broke out of the range. However, the rally was short-lived as the price faced rejection at $255.5, after which the price traded sideways in a range between $238.3 as its support level and $255.5 as its resistance level.
After multiple attempts, the bulls regained power and successfully broke out of the resistance level and jumped over 8%, following which it traded sideways for a while.
After displaying neutral trends for over a week, the market regained momentum and the price jumped approximately 21% in value. Positively, the 50-day EMA acts as a dynamic support to the price, indicating a massive bullpower in the market.
Will BNB Coin Price Hit $350 Soon?
The Relative Strength Index (RSI) has breached the overbought range, indicating massive buying pressure in the market. Moreover, the averages show a potential bearish convergence, suggesting a high possibility of a trend reversal.
If the bulls push the price above the resistance level of $330, the BNB price will regain momentum and prepare to test its upper resistance level of $340 this week. Maintaining the price at that level will set the stage for the BNB coin price to attempt to test its target price level of $350 in the coming time.
Conversely, if the bears overpower the bulls, the price will start trading under a bearish influence and test its support level of $310 soon. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $298 over the weekend.
