Binance Coin Gains Momentum: Can BNB Hit $400?

Vignesh Karunanidhi
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The Binance Coin (BNB) price has regained upside momentum this month, adding over 17% to retest key overhead resistance around $370. The recent move comes as the crypto exchange continues to burn BNB tokens regularly, reducing the circulating supply to bolster prices.

After ranging between $305 and $321 earlier, BNB shed 10%, finding a floor at $288 soon after. It traded tightly between $288 and $298 for three days thereafter.

Despite multiple failed attempts initially, bulls finally gained strength above resistance, securing an upswing. 

Also read: Stacks (STX) Surges 85% Amid Crypto Rebound: Eyes $3 Next

BNB Binance coin
Source: Tradingview

Can BNB hit $400?

The Relative Strength Index (RSI) hovers in overbought territory, signaling excessive demand around current levels. Meanwhile, technical averages suggest the possibility of bearish convergence, indicative of conflicting directional bias.

If upward momentum sustains, however, analysts expect BNB to drop to retest its $370 resistance zone soon, with scope to tap $382 if bulls retain control thereafter.

However, failure here could see bears seizing control to initiate a pullback. In such a case, BNB may decline towards layer support at $342 on extended selling pressure.

Also Read: Ethereum Weekend Price Prediction; ETH Eyes $3,000

So while BNB has rallied strongly, its technical posture remains precarious presently. A high-volume rejection of resistance could easily see recent gains unwound quickly, as has transpired repeatedly over the past several months.

Experts at Changelly predict that BNB can hit $400 by the end of February. However, it depends on the overall market conditions to determine whether Binance Coin can attain that level.