Binance Coin (BNB) Rises 20%, Targets $400 Despite Market Skepticism
BNB Price Rises 20% in Two Weeks: Is $400 in Sight?
In the last two weeks, the price of Binance Coin (BNB) has increased by an impressive 20%. Experts predict that this upward trend could continue and the BNB could rise towards the $380-$400 zone.
Strong Buying Power Despite Intense Selling Pressure
Data from Coinalyze showed that selling pressure has been intense in recent days. Despite this, Binance Coin [BNB] maintained a strong bullish trend on the daily price chart. It broke through the two-month highs at $325 and rose to as much as $366. This represents a gain of almost 20% within two weeks.
A report from AMBCrypto, published earlier this month, noted that the Binance Smart Chain consistently performed in terms of unique addresses in 2024. The transaction volume was also strong. Combined with Bitcoin’s [BTC] rally from $42.5k, Binance Coin showed strong bullish momentum.
The $350 Region is a Key Zone for Bulls
The Fibonacci retracement and extension levels showed that the lows of the range coincided with the 61.8% retracement level. BNB buyers decisively defended this level over the past two months before achieving the recent breakout.
The market structure has been bullish since February 8th, when the price rose above the recent low of $313.1. The RSI also signaled a firm bullish momentum with a value of 70. At the same time, the OBV trended upwards, highlighting the strength of the buying volume. Overall, this suggests that the exchange token could record further gains.
Short-Term Data Indicates Selling Pressure
The technical indicators on the 1-day chart showed bullish pressure. However, data from Coinalyze indicated that futures market participants were skeptical about further gains in the short-term range. Open interest has been slowly falling over the past two days, in parallel with the price. The funding rate was also negative, indicating that short-sellers were in the majority.
The spot CVD recorded a notable downward movement over the past three days, which again reinforced expectations of a price decline in the coming days. Such a decline could cause Binance Coin to retest the $340 level, which served as resistance in December 2023.
