Bitcoin and other crypto tokens continued to move higher on Wednesday, whereas altcoins posted strong gains ahead of the US FOMC meeting outcome later in the day. The weakness in the US dollar and eased down banking crisis is supporting the sentiments for riskier assets.
Binance Coin (BNB) has experienced an impressive ~25% surge in just the past 10 days, now trading near the $335 level – a price it hadn’t seen since the collapse of FTX.
During this rally, BNB has managed to break through multiple resistance levels, including a long-standing trendline from May last year, as well as its 50-day ($309) and 200-day ($288) moving averages. It has even surpassed fibonacci resistance levels at $288 and $309.
Currently, BNB has successfully claimed the highly significant golden pocket at $330 and is making strides towards the next resistance level at $360. Encouragingly, the coin’s Relative Strength Index (RSI) hovers around 60, signalling strong bullish sentiment.
Additionally, BNB’s 50 and 200-day moving averages are still well below the current price, offering potential support should a correction happen. Recent trends suggest that BNB may struggle to stay above the golden pocket as it didn’t deliver an impulsive breakout and close, so the moving averages are likely to come in handy.
Resistance: $337, $360, $398
Support: $330, $309, $288(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)