Sunday, May 19, 2024

Binance Coin (BNB) Struggles To Break Above $335; Here Is What To Expect 

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  • BNB’s price shows strength as it continues its rally, with eyes set on breaking its major resistance of $335, stopping the price from increasing. 
  • BNB could rally more as the price creates a bullish bias and holds above resistance.
  • BNB’s price remains strong on the daily timeframes as the price trades above the 50 and 200 Exponential Moving Averages (EMA).

The price of Binance Coin (BNB) displayed an incredible price action as the price recaptured its key support of $270 after losing this region a few days ago. The crypto market has enjoyed a little bit of relief bounce across all most assets, with Bitcoin (BTC) and Ethereum (ETH) leading the charge as most crypto assets, including MASK, produced over 50% gains in less than 24 hours. With uncertainty in the crypto market creeping in, it is yet to be known if Binance Coin (BNB) will finally break this resistance. (Data from Binance)

Binance Coin (BNB) Price Analysis On The Weekly Chart

The crypto market is looking increasingly welcoming as many altcoins continue producing over 150% gains over the past 7 days of breaking out of its range-bound movement. The likes of DOGE have seen some great runs rally.

The past weeks were tough for the crypto space, with many altcoins struggling to hold up their key support areas. With the week looking more promising and Bitcoin (BTC) prices gaining traction, the crypto market has enjoyed a measure of relief, but this can not be said for the new month as things begin to look slightly different in terms of prices.

After its weekly close of above $300, the price of BNB rallied to a high of $330; the price faced a minor rejection to break higher to a region of $325; the price struggled to break above this region.

The price of SHIB has maintained its bullish structure above the $300 region as the price of BNB eyes a rally to a region of $335, acting as resistance for the price of BNB to rally to higher heights.

Weekly resistance for the price of BNB – $335.

Weekly support for the price of BNB – $300.

Price Analysis Of BNB On The Daily (1D) Chart

Daily BNB Price Chart | Source: BNBUSDT On

In the daily timeframe, the price of BNB continued to look strong as the price held above its range channel, forming strong support to hold off the price from sellers.

BNB currently trades at $324, just above its key support formed at $300 on the daily timeframe after a successful breakout from a range channel with good volume as the price rallied to a high of $335, where it got rejected from trending higher to a region of $400. 

If BNB fails to break and close above $335, we could see the price retraced to $300-$270, acting as good support for prices, but if the price breaks past $335, we would expect a rally to a high of $400-$450.

Daily resistance for the BNB price – $335.

Daily support for the BNB price – $300-$270.

Featured Image From zipmex, Charts From Tradingview

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