- BNB price bounced from a regional low of $240 as price rallied with so much strength to reclaim the high of $290
- BNB price struggles to reclaim $320 as this could spark a rally to a regional high of $400 as the price holds above the daily 50 Exponential Moving Average (EMA)
The price of Binance Coin (BNB) in recent weeks suffered so much loss as a result of rumors with Binance Exchange, but the price of Binance Coin (BNB) held up extremely well as the price traded above the key region of $200, which was of interest for many traders and investors.
With the crypto market looking more promising after a relief bounce across all markets, there are high chances that Binance Coin (BNB) could rally higher to $400 if the region of $320 is reclaimed with strong volume.
Binance Coin (BNB) Weekly (1W) Price Chart Analysis
After suffering so much loss in price from the rumors as a result of FTX collapse, with the price facing a decline to a region of $240 with many mixed feelings of price going to a low of $100, the price of BNB bounced from this region as it rallied to a high of $290.
The price of BNB traded at $220, with many traders getting worried if the region of $200 would be strong to hold off the sale of this token; the price of BNB bounced off from this region quickly as price rallied to a high of $290 as price reclaimed this key region on the weekly chart.
If the price of BNB closes above this region of $320, there will be a growing chance of the price rallying to a region of $400, but if the price of BNB fails to close above $320, we could see price retesting $290 and lower if need be to build more momentum.
Major BNB Resistance On The 1W Chart – $320
Major BNB Support On The 1W Chart – $290-$240
BNB Daily (1D) Price Chart Analysis
The price of BNB looks strong on low timeframe but struggles on higher timeframes after showing so much strength rallying from a low of $220 to a high of $310 on the daily timeframe as the price was rejected to $290 as the price aims to reclaim $320 for more bullish scenarios.
Despite reclaiming the 50 and 200 Exponential Moving Averages (EMA), the price of BNB faces a tough time breaking and closing above the region of $320. A break and close above this region could see the price of BNB rally to a high of $400.
The region of $320 acting as resistance for the BNB price corresponds to the 50% Fibonacci retracement level acting as strong resistance for the BNB price.
Major BNB Resistance On The 1D Chart – $320
Major BNB Support On The 1D Chart – $290-$270
Image From Coingape, Chart From Tradingview