Binance Coin (BNB) price is now breathing near $270 after a sharp rally after crossing the $260 range and may soon start a new uptrend towards $300.
According to Wallex and quoted by NewsBTC, Binance Coin formed a new support a little above $240 last week. Then a strong uptrend started, which broke through the $250 resistance.
The break of this resistance was accompanied by the passing of the danger of a large downtrend that existed on the 4-hour chart near the same price. As the price of Binance Coin (BNB) passed from $255-260, the upward trend intensified. Yesterday (January 9), attempts were made to follow the other major currencies of the market to break through the $270 resistance.
BNB reached the maximum price of $283 and is currently consolidating and correcting the price. The cryptocurrency is currently trading above the 100-candlestick simple moving average and near the 23.6% Fibonacci retracement level (drawn between the $240 floor and $283 ceiling).
If the bull market continues, Binance Coin analysis shows that the bears will try to prevent it at the $280 and $285 levels. The next major resistance is near $292, a jump beyond which will take us to $300-$320.
On the other hand, if it does not cross $280, a new correction may begin. There will be buy lines at $265, $262, and $255 for Binance Coin, which will act as support. Especially the level of $262, which is in the middle of the mentioned Fibonacci retracement. If the $255 support fails, there is not much of an obstacle to $240 for BNB.
Binance Coin’s MACD indicator on the 4-hour chart is accelerating in the bullish zone and the relative strength indicator (RSI) is above 50.
Another bullish wave is waiting for BNB? The first time in the blog Valx. appeared.
