After displaying weak market sentiments for months, the BNB price has successfully regained momentum and has recorded gains of over 11% within the past day and has added over 24% during the past week.
The BNB coin price traded in a range between $222.7 and $238.3 for a brief period, following which the bulls gained power and broke out of the range. However, the rally was short-lived as the price faced rejection at $255.5, after which the price traded sideways in a range between $238.3 as its support level and $255.5 as its resistance level.
After multiple attempts, the bulls regained power and successfully broke out of the resistance level and jumped over 8%, following which it traded sideways for a while.
After displaying neutral trends for over a week, the market regained momentum and the price jumped approximately 21% in value. Positively, the 50-day EMA acts as a dynamic support to the price, indicating a massive bullpower in the market.
Will BNB Coin Price Hit $350 Soon?
The Relative Strength Index (RSI) has breached the overbought range, indicating massive buying pressure in the market. Moreover, the averages show a potential bearish convergence, suggesting a high possibility of a trend reversal.
If the bulls push the price above the resistance level of $330, the BNB price will regain momentum and prepare to test its upper resistance level of $340 this week. Maintaining the price at that level will set the stage for the BNB coin price to attempt to test its target price level of $350 in the coming time.
Conversely, if the bears overpower the bulls, the price will start trading under a bearish influence and test its support level of $310 soon. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $298 over the weekend.
