This Bullish Set Up Is Ready To Propel Binance Coin (BNB) Price To $400 But There’s Catch

On Feb 24, 2023

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Binance Coin price appears to be closing in on a strong support after dropping 8.4% from its new 2023 high of $337. The native token of the world’s leading cryptocurrency exchange by daily traded volume, is nevertheless, trading 40% higher than the December low of $220.

Meanwhile, BNB Price exchanges hands at $309 at the time of writing, while bulls consolidate above $300 to prevent losses from becoming prevalent. Declines below $300 could wipe out most of the gains accrued since BNB tagged $220 in late December.

BNB price requires strong backing from investors to uphold support at $300. This means, buyers will have to ignore the regulatory pressure from the United States to keep the uptrend going. On the brighter side, Asia appears to be coming up as the next crypto hub.

News that the Hong Kong Securities and Futures Commission (SFC) had released a new set of regulations from crypto trading platforms has sparked interest globally. This development has been welcomed with open arms with experts lauding as the way to go for many other jurisdictions.

Bulls are fighting selling pressure spreading across the market for almost a week now to prevent Binance Coin price from sliding below $300. The token’s immediate downside is currently grounded in place by a critical rising trend line (thick continuous line).

Slightly below the trendline is the 50-day Exponential Moving Average (EMA) (line in red). The buyer congestion within these two areas is expected to keep bears in check. Moreover, it would keep bulls settled without having to worry about another dip.

BNB/USD daily chart

Support above $300 is required to keep investor confidence in the BNB uptrend intact ahead of the next move to $340 and $400, respectively. It is worth keeping in mind that Binance Coin price is likely to have taken a breather to allow other fundamentals like address activity to catch up in the wake of the remarkable upswing witnessed in January.

Bulls seem steady – possibly because of the confirmation from the recently formed golden cross. This bullish technical index comes into play when a short-term moving average flips above a longer-term moving average.

For instance, the daily chart shows the 50-day EMA (in red) moving above the 200-day EMA (line in purple). Traders use the golden cross to ascertain momentum is building behind BNB. Some crypto assets have in the past launched into bull markets bolstered by the golden cross.

Therefore, it would be imperative to say that Binance Coin price is only taking a breather to allow sidelined investors to get on board the $400-bound flight. Traders buying BNB now could start cashing out at $340 but stubbornly bullish investors may want to wait until the token reaches at $400.

On the downside, it is essential for traders to monitor the position of the Moving Average Convergence Divergence (MACD) indicator. Currently, a sell signal on the daily chart reinforces the bearish grip on Binance Coin. However, with a minor push, the MACD line in blue could cross above the signal line and validate the resumption of BNB’s uptrend.

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