Binance Coin (BNB) has reignited its price ascent this week after undergoing key technical tests. With Bitcoin’s stagnation above $51,000 contrasting with BNB’s sudden 5% spike, the top exchange token looks poised to retest critical upper resistance levels soon.
After retracing last year, BNB spent considerable time centering around $300 support. However, this lateral price action has given way to a renewed uptrend recently.
The coin has formed a rounding bottom reversal pattern with the $350 mark as the neckline. BNB went on to retest and confirm this area as support this week. Analysts now anticipate a clear upside breakout because of the impulsive bullish engulfing candle and rising volumes.
BNB currently trades around $380, up 24% in the last 30 days alone as positive momentum accelerates. With trading technically in an overbought state, indications favor continuation higher over most probable pullbacks for now.
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Will BNB Hit $440 in March?
The key $400 psychological level emerges as the initial target for bulls. Conquering this barrier for the first time since last May could trigger FOMO and propel BNB towards retesting former all-time highs above $690.
In the short run, managing to close above $400 sets sights on $440 as the next minor upside objective en route toward $700. But with positive momentum strategies like the 50-day EMA maintaining their bullish stance, analysts foresee little standing in the way of BNB hitting new highs this cycle.
Drawing insights from BNB’s behavior at the beginning of 2024, cryptocurrency experts at Changelly have offered their price projection for Binance Coin in March 2024.
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During this period, it is anticipated that BNB’s price may reach an average of $494. Within the same month, the minimum expected price is $390, while the maximum price target is set at $598.
After concerns around the Binance exchange rocked investor confidence last year, BNB looks to have reawakened the strong fundamental narrative supporting it since its inception.
Having reclaimed its bullish momentum decisively this week, all eyes are now set on the big $400 breakout attempt.