Binance Coin Soars 20%, May Reach $400 Despite Market Skepticism

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BNB Price Increases by 20% in 2 Weeks: Are $400 in Sight?

Binance Coin (BNB) could continue its upward trend and move towards the $380-$400 zone. In recent days, the selling pressure was strong according to data from Coinalyze. BNB showed a strong bullish trend on the daily price chart. It broke through the two-month highs at $325 and rose to up to $366. This corresponds to a gain of almost 20% within two weeks.

Strong Bullish Momentum

A report from AMBCrypto earlier this month found that the Binance Smart Chain consistently performed in terms of unique addresses in 2024. It was also reported that it had a strong transaction volume. Combined with Bitcoin’s (BTC) rally from $42.5k, Binance Coin showed strong bullish momentum.

The $350 Region is a Key Area for Bulls

The Fibonacci retracement and extension levels showed that the lows of the range coincided with the 61.8% retracement level. BNB buyers resolutely defended this level in the last two months before they reached 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 higher, highlighting the strength of the buying volume.

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Short-Term Data Indicates Selling Pressure

The technical indicators on the 1-day chart showed bullish pressure. However, data from Coinalyze showed that futures market participants were skeptical about further gains in the short-term perspective. The open interest has been slowly decreasing in the last two days, parallel to the price. The funding rate was also negative, indicating that short sellers were in the majority.

Realistic or Not, Here is BNB’s Market Capitalization in BTC’s Terms

The Spot CVD recorded a notable decline in the last three days, reinforcing expectations of a price decline in the next few days. Such a decline could cause Binance Coin to retest the $340 level, which served as resistance in December 2023.

Sources: AMBCrypto, Coinalyze, TradingView

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