BNB price finally rose above $300, will it sustain this rally and reach the $400 mark?
BNB is one of the cryptocurrencies with a noticeable price increase as most coins in the larger cryptocurrency see high increases. The fourth-largest cryptocurrency by market capitalization has made up all of its losses from the previous weeks and is now showing gains on 30-day and hourly price increases.
BNB increased by 7.46% over the previous day and 23.86% over the previous week. The token maintained its price around $277 for four straight days, with $290 offering firm support. Moreover, it has seen an increase in trade volume over the previous 24 hours, which suggests greater network activity. According to CoinMarketCap data, trading volume increased significantly from $352.47 million on March 12 to $1.33 billion.
BNB has now surpassed $300; will it continue its upward trend and reach $400?
In line with its support levels of $311.78, $293.94, and $283.59, BNB has been consolidating between $290 and $300. But now that it has broken through these support levels, it is poised to do the same for $339.97, $350.32, and $364.16, which serve as resistance levels.
More volatility is frequently predicted by a break above resistance levels in the following days. After successfully breaking through these levels, there is a good chance that BNB’s price volatility may rise; however, this is only achievable if the present rally is maintained.
BNB responded favorably over the past several days as price rallies spread across the cryptocurrency market due to Bitcoin’s gains energizing the bulls. This bullish attitude led to a four-day increase of almost 20% in the price of BNB.
BNB beat the low of $287.56 and rose to a new low of $309.33 and a high of $335.55, suggesting a bullish market structure on the daily timescale.
Since March 10, 2023, BNB has been rising, with higher highs recorded on the daily chart. The bulls have taken over the market, according to the long green candle that developed on the daily chart on March 16, 2023.
BNB/USD 4-hour chart | Source: TradingView
BNB is currently trading at $333.2, close to the $339.97 resistance level, and based on its current price form, it will likely surpass this barrier. A price drop is yet conceivable for consolidation. If the bulls can advance beyond the $368.16 resistance level in the following days, BNB will likely rise to $400.
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