Binance Coin (BNB) Breaks $400 Mark: Aiming for $500
Binance Coin (BNB) concluded February above the $400 price mark, showcasing robust buying interest despite the competitive efforts of Solana (SOL) in becoming the fourth-largest cryptocurrency by market capitalization.
The bullish momentum, overcoming the price resistance in the $390-$400 range, extended BNB’s upward trend from the $300 support level. With a successful retest of the support level at $391 on March 1st, the question arises: Can BNB continue its ascent and reach $500 by the end of this month?
Binance Chain: Core of BNB’s Ecosystem
Binance Chain, developed by Binance, one of the world’s largest cryptocurrency exchanges, serves as a blockchain platform designed for rapid and efficient issuance and trading of digital assets. Emphasizing high performance, low transaction fees, and user-friendliness, Binance Chain is integral to the BNB ecosystem.
Binance Coin (BNB), the native cryptocurrency of Binance Chain, plays a crucial role within the ecosystem, utilized for tasks such as transaction fees, token creation, and participation in governance.
Binance Chain supports the creation and issuance of digital tokens, representing various assets, including cryptocurrencies, stablecoins, and digital representations of real-world assets.
Facing Another Price Resistance
The Relative Strength Index (RSI) on the four-hour timeframe indicated strong buying pressure, consistently staying above the neutral 50 throughout February. This enabled BNB buyers to transform the $344 and $391 resistance levels into support with minimal opposition from sellers.
However, a formidable challenge lies ahead as the resistance level at $455 could impede the bullish momentum from reaching $500. Historical price action suggests $455 as a robust stronghold for sellers, urging caution among buyers to prevent significant retracements.
In the short term, buyers can consider bidding from the current price level of $417, anticipating attractive returns of 11% at the $455 resistance zone.
Overall, while the current bullish run for BNB is expected to persist, adopting capital protection strategies around the $455 resistance level is advisable.
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