- BNB price holds above $320 as this could spark a more bullish run to a high of $400 if the price breaks higher
- BNB price continues to look strong above key regions as price trades above the daily 50 and 200 Exponential Moving Averages (EMA)
The price of Binance Coin (BNB) has shown more strength in recent weeks after rallying from a low of $240 as the price reclaimed key levels of $290, rallying with more strength to a high of $320. With the crypto market looking more promising in recent weeks compared to previous months, there are high chances of the price reclaiming the high of $400.
The price of Bitcoin has continued to hold above $23,000 as there is more speculation of price revisiting the highs of $25,000 before pullbacks. A rally of Bitcoin (BTC) to that height could be the catalyst for Binance Coin (BNB) to break out from its range of $320 to $330 to a high of $360 and possibly a push to $400.
Binance Coin (BNB) Price Analysis On The Four-Hour (4H) Chart
The price of BNB, after forming good support on the 4H Timeframe at a region of $300, has continued to show strength holding up above this zone.
After rallying from a low of $240, the price of BNB formed an uptrend line as the price continues to respect this line acting as support. The price of BNB continues to build more buy order strength as it forms a bullish ascending triangle.
There are high chances of the price breaking above the ascending triangle, as this could signal a rally to a high of $400.
If the price of BNB breaks out from this ascending triangle and closes above it with good volume, we could see the price of BNB rallying higher. BNB looks good as the price holds above the 50 and 200 EMA, supporting the price.
BNB Major Resistance on the 4H Chart – $360 – $400
BNB Major Support on the 4H Chart – $315
Image from Analytics Insight, Chart from Tradingview.com