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Binance Coin Price Analysis- BNB Breaks the $300 mark, Aim to New ATH?

Binance coin has ended its consolidation phase by breaking out of the $300 barrier. BNB has been on a roller-coaster ride since it hit its ATH in February, reaching $200 levels in a matter of a couple of days. The currency lost about 30% as it entered March.

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Taking to Twitter, the CEO of Binance shared his thoughts about BNB hitting $300, indicating that there is potential for an upside momentum.

Tweet of CEO of Binance

The Binance coin(BNB) which fuels the Binance ecosystem, pays gas fees and can also be used to avail real-world services. Due to this wide range of applications, the investors poured in and started investing in the February Bull markets.

Binance(BNB) Coin Price Analysis

Binance coin is trading at $307.93 up by 12.91% as per CoinMarketCap data on March 31 2021. BNB boasts a Market capitalization of $47,595,161,681, with $47,595,161,681 worth volumes traded in the last 24 hours. While the trading volumes increased by 141.52% compared to the previous trading session.

The BNB price has faced rejection at the $317.45 level and is currently forming an ascending Parallel Pattern. $274.25 levels have formed a good support price. 

Looking at the 30 minutes candle chart, the formation of the ascending Parallel Pattern, which is a bullish indication. Resistance at $317 levels could again try and stop the uptrend.

If the BNB crosses the previous high at $317, It could hit the $350 mark easily. The sudden rise in the transaction volumes can complement this bullish momentum.

The Technical Indicator, RSI lies at 55, giving bulls the flexibility to buy. MACD levels are narrow with moderate to bearish levels, and a strong momentum is inevitable in the near future after the accumulation period. Bollinger bands are at decent levels, with the prices trading at lower band support. 

It is also possible that the sell-off situation could trigger a drop in prices to the support levels at $274. But looking at the markets, the sentiment is bullish and experts are suggesting that the BNB could break its ATH soon.

Resistance Levels: $317

Support Levels: $274.25, $263.5

RSI(14): 55

MACD: Bullish

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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