Bitcoin

The post <a href="https://coinpedia.org/price-analysis/despite-rising-bearish-pressure-binancecoin-bnb-remains-strong-will-the-price-reach-400-this-week/" rel="noopener noreferrer nofollow">Despite Rising Bearish Pressure, BinanceCoin (BNB) Remains Strong: Will the Price Reach $400 this Week?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
No sooner than the Bitcoin price marked new highs close to $53,000, the bears took back control. The BTC price dropped below $52,000 quickly, which triggered a fresh consolidation phase within the markets. Amid the rising concerns of the next price action, an altcoin within the top 5 is manifesting its strength. <a href="https://coinpedia.org/price-prediction/bnb-binance-coin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">BinanceCoin’s (BNB) price</a> continues to maintain an elevated trend, being self-assured of ranging towards new highs.&nbsp;
Just a few months ago, the uncertainty over the prospects of the Binance exchange led to a massive fall in BNB prices. While many believed the token might head back to two-digit levels, a fine rebound squashed the bearish trajectory. Since then, the price has surged by over 60%, regaining its levels; it last traded in May 2022. Regardless of the other altcoins, the BNB price remains elevated, which suggests the markets could rebound after rising over a retracement very soon.&nbsp;
Can the BNB price reach $400 before the end of the week?
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/5ZuvbdMGUDyK2lr_0c8sDmRf4oQ2Nb-sCajnApv8op97t_qJaqKHZtylvYLMZ1lm_atLPZ6X7KVfRk_G_UcyzI8FELT1kUgg43M41Fvuy8xKfaOw9CHodhgj8G-HAVa4UyRxKyc5DVGC0Ie786ON5Mw" alt="">
</figure>
The weekly chart of the BNB price is extremely bullish, suggesting the price could reach a four-digit price target at the peak of the upcoming bull run. The price is trying to replicate the 2021 bull run by forming a similar technical pattern. The RSI in the long term has soared above the upper resistance for the first time since December 2020, which propelled the price by over 1600% for the next 6 months. If a similar trade repeats, then the BNB price may reach not less than $900, while $1000 may also not be a tedious job.&nbsp;
Besides, the token in the short term has surged above the crucial resistance zone between $338 and $351 after multiple failed attempts. Hence, it is believed the price could maintain a steep upswing in the upcoming days and reach $400, which may validate a resurgence of a bullish trend. Therefore, BinanceCoin’s (BNB) price prediction for the month remains bullish, with targets higher than $400.

Despite Rising Bearish Pressure, BinanceCoin (BNB) Remains Strong: Will the Price Reach $400 this Week?

CoinPedia News

Các bài viết khác được xuất bản trên 21 thg 2, 2024

Starknet (STRK) Makes Waves with Coinbase Listing

Andromeda’s Native Token $ANDR Set to Debut on MEXC Exchange (21 Feb)

Shiba Inu Burn Rate Crashes With Only 2 Million SHIB Burned, What’s Going On?

Avalanche (AVAX) Navigates Through Market Challenges and Token Release Dynamics

This Kaspa Competitor Explodes 45% This Week – KAS Investors Take Notice

Global Survey Reveals Blockchain's Impact on Payment Systems

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!