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Anticipating a Bullish Surge: BNB Price Poised for a Nearly 30% Increase in the Near Future

The BNB price has reclaimed a significant support zone and broken above a short-term horizontal resistance zone. It is expected to continue rising in the coming days.

Key Support

The BNB price has been trading above the horizontal support zone at $220 since April 2021. This zone has repeatedly provided support, consolidating its importance in determining the long-term trend of BNB.

During the week of August 14 to 22, 2023, the BNB price broke below this zone, signaling a potential sell-off.

However, instead of doing so, the BNB price reclaimed the $220 zone and confirmed it as support at the end of November (green arrow). This indicates that the previous crash was merely a deviation (red ellipse) and is often followed by a sharp rally.

Indeed, the price surged and formed a large bullish candle last week. The weekly RSI is above 50 and sloping upward, supporting the potential for further gains.

Therefore, the BNB price may continue to rise to the next significant resistance zone at $330. This figure corresponds to a 26.32% increase from the current price.

bnb-up
BNB/USDT weekly chart . Source: TradingView

Daily Outlook

The BNB price has broken above the horizontal resistance zone at $255, formed since June 2023. The breakout occurred on December 20 with a large bullish candle, indicating that the bulls have regained control.

The daily RSI surged from the 50 level and is rising, signaling the trend is bullish.

Thus, the daily chart supports the prospect of price increase from the weekly timeframe.

bnb-up
BNB/USDT daily chart . Source: TradingView

Conclusion

The most likely scenario suggests that the BNB price will continue to rise towards the long-term resistance zone at $330.

The bullish outlook would be questioned if the BNB price drops back below the $255 zone.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

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