Market Analysis

BINANCE COIN PRICE ANALYSIS & PREDICTION (March 9) – BNB Posts 15% Weekly Gains Following Latest Surge In Volume, Targets $500 Next

Binance Coin, BNB advanced higher this week following a notable surge in volume. It appeared super bullish on the daily graph and is currently up by 50% monthly following a consistent volume inflow in the past weeks.

BNB’s performance has been highly impressive over the past six months, although it appeared to just be starting to rally from a long-term perspective as bigger price movement should be expected in the future.

However, it may take a brief break as soon as the price enters the $500 range. It currently trades above the $470 level after printing a new multi-month high at $477.2 a few hours ago – this came after a sudden price recovery from $356 earlier this week.

On the weekly chart, the price looks so strong since it climbed above the $300 mark along with a crucial resistance line. While this rally is almost reaching an exhaustion point, it is likely to retest the January 2022 breakdown level before correcting lower.

From the short-term perspective, the $290 level that held as base support during the last correction has become more solid and is now considered a key defence level for the bulls on the weekly chart.

Looking back to where the price started to pick up last October, BNB has almost doubled its price as more big price movements lie ahead.

BNB Key Level To Watch

Source: Tradingview

If the price pushes above the daily $477 high, the next line of resistance is located at $489.2 and the $506 level – all marked as January 2022 breakdown level. It may advance to $520 if the price further surges.

Today, it rejected the $463.7 level. If the price drops below this level, the April 2022 high of $460 may provide support, followed by $445.4. The next line of support would be $428 – marked as February 2022 high.

Key Resistance Levels: $477, $489.2, $506

Key Support Levels: $460, $445.4, $428

  • Spot Price: $471.5
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: volody10/123RF // Image Effects by Colorcinch

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