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- Binance Coin may proceed its uptrend and transfer towards the $380-$400 zone.
- The info from Coinalyze highlighted that promoting stress has been intense in latest days.
Binance Coin [BNB] had a robust bullish bias on the one-day worth chart. It broke out previous the two-month vary highs at $325 and climbed as excessive as $366.
This represented good points amounting to just about 20% inside two weeks.
An AMBCrypto report earlier this month famous that the Binance Sensible Chain carried out persistently concerning distinctive addresses in 2024. It was additionally reported to have a robust transaction quantity.
Mixed with Bitcoin’s [BTC] rally from $42.5k, Binance Coin displayed sturdy bullish momentum.
The $350 area is a key zone for bulls to defend
The Fibonacci retracement and extension ranges (pale yellow) confirmed that the vary lows coincided with the 61.8% retracement stage.
BNB consumers resolutely defended this stage over the previous two months earlier than attaining the latest breakout.
The market construction has been bullish for the reason that eighth of February, when the worth rose above the latest decrease excessive of $313.1. The RSI additionally signaled agency bullish momentum with a studying of 70.
On the identical time, the OBV trended greater, underlining the power of the shopping for quantity. Taken collectively, it signaled that the alternate token may put up extra good points.
The $350-$380 zone was the next timeframe space of curiosity. Subsequently, the bulls may take some time to breach this area and drive costs greater.
The short-term information hinted at promoting stress across the nook
![Binance Coin Coinalyze](https://6403e5f8.rocketcdn.me/wp-content/uploads/2024/02/PP-2-BNB-coinalyze.png)
Supply: Coinalyze
The technical indicators on the 1-day chart highlighted bullish stress. Nonetheless, the info from Coinalyze confirmed Futures market individuals had been skeptical of additional good points within the brief time period.
The Open Curiosity has slowly trended decrease over the previous two days alongside the worth. The Funding Price was additionally unfavourable, which confirmed brief sellers had been within the majority.
Practical or not, right here’s BNB’s market cap in BTC’s phrases
The spot CVD noticed a exceptional transfer downward over the previous three days, which as soon as once more bolstered expectations of a worth drop over the subsequent few days.
Such a dip may see Binance Coin retest the $340 stage, which had served as resistance in December 2023.
Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.