BNB Rallies to 5-Month High Despite SEC Demanding $4 Billion Fine - Is $300 Next?
The BNB price increased this week despite negative Binance news. The price is attempting to break out from a resistance trend line....
- The BNB price has increased above $250 despite negative Binance news.
- The price is approaching a descending resistance trend line that has been in place since December 2022.
- The weekly timeframe analysis shows that BNB has been trading between $220 and $350 since April.
- The RSI is increasing and above 50, indicating a bullish trend.
- Analysts believe the long-term BNB price trend is bullish, with expectations of a breakout above $300.
- The daily RSI suggests a bullish trend continuation, but the price still faces resistance at $270.
- A breakout from the trend line could lead to a 35% increase to the next resistance at $350.
- A daily close below $250 would invalidate the bullish hypothesis and potentially result in a 20% drop to the closest support at $210.
The sentiment in the article is mostly positive, with analysts expressing bullish outlooks for the BNB price despite negative news surrounding Binance.