BNB price rallies despite negative Binance news
Despite the negative Binance news today, the price of BNB rose above $250.
The price of BNB is nearing a downward trend line that has been in place since December 2022. Does it open?
BNB difference and redemption
The weekly timeframe technical analysis shows that BNB price has been trading between $220 and $350 since April.
The price fell below the range in October but has since rallied. At the time, it looked like it had broken out of the $220 horizontal support area.
BNB's price rise has been rapid, rising to $268 this week.
Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and decide whether to stock or sell the asset.
A reading above 50 and an upward trend indicates that bulls still have an advantage, while readings below 50 indicate the opposite.
RSI is rising and above 50, both positive signs.
Read more: 9 Best AI Crypto Trading Bots to Maximize Your Profits
What do analysts say?
Cryptocurrency traders and analysts at X believe that the long-term BNB price trend is high.
JJJCycles BNB price increase despite the negative Binance news is very good. he said.
As SEC files lawsuit against Kraken, Binance coin soars. Currently testing the bottom line. A breakup in no time tells you everything you need to know. This market wants to go higher instead of lower.
MAGS noted a similar divergence and retracement of the long-term horizontal range, suggesting that the price will soon begin a major upward move above $300. Cryptogod John suggests that the price will soon exceed $300.
MacroCRG is bullish on BNB, suggesting that the altcoin will catch up with its peers. he said.
We'll get a short-term flurry of news around Binance, so I'd be wary of trading $BNB. But if the issue is resolved soon, all the loss FUD will disappear + Binance is completely clear… I can see fast $. As BNB makes up for lost ground on its peers, it bounces back
Finally, Sheldon_Sniper and Crypto_Rand are both bullish in the short term due to positive price action above the main horizontal resistance area at $250.
Read more: How to buy BNB (Binance Coin) in 4 easy steps
BNB Price Prediction: Can the Price Move to $300?
The Relative Strength Index (RSI) in the daily time frame provides indications of a bullish trend.
The indicator is above 50, creating a hidden bullish divergence (green). This is usually a sign that leads to the continuation of the trend.
The price action shows that BNB has moved above the minimum resistance at $250. However, it still faces resistance at $270, which is formed by the downtrend resistance line.
If the price of BNB rises from the trend line, it can increase by 35% and reach the next resistance at $350.
Although this is a bullish BNB price forecast, a daily close below around $250 will kill the bullish hypothesis and possibly lead to a 20% drop to the $210 close support.
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Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
