Binance Coin (BNB) Price Soars Above $300, Is Next Stop $400?


The Binance Coin (BNB) price has broken out from a short-term resistance level and could soon move above a long-term one. Binance CEO Changpeng Zhao said that the exchange has no exposure to the Silicon Valley Bank. But, shortly afterward, he stated that the cryptocurrency exchange would convert what remains of its $1 billion industry recovery fund to assets such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). However, not all Binance news was positive. Payments provider Skrill ended its relationship with Binance, forcing the latter to suspend its GBP transactions starting from May 22. Binance Coin (BNB) Price Trades in Long-Term Range The weekly time frame technical analysis shows a long-term range between $240 and $360. Excluding a deviation in May 2022 (red circle), the BNB token price has traded inside this area since April 2022.  


The price has increased since the deviation but has not managed to break out from the top of the range. Rather, it validated the range bottom in December (green icon), created a higher low, and has increased since. Last week, the price created another bullish candlestick.  Despite the failure to break out, technical indicators are bullish. This is especially visible in the weekly RSI. The indicator broke out from a long-term descending resistance line and is now above 50. So, a breakout is the most likely scenario. If the Binance Coin price breaks out above $360, it could increase to the next resistance at $445, created by the 0.5 Fib retracement resistance level (white). However, a drop to the $240 support area could follow if the rally loses momentum. BNB/USD Weekly Chart. Source: TradingView Binance Coin (BNB) Price Short-Term Breakout Could Precede Long-Term One The daily chart provides a more bullish outlook. 


There are several reasons for this. Firstly, the price broke out from a descending resistance line that had been in place since the beginning of February. This is a sign that an upward movement has begun. Next, the price completed an A-B-C corrective structure, which was confirmed by the breakout from the resistance line. Then, the daily RSI moved above 50. Finally, the BNB price reclaimed the minor $285 horizontal area, which is now expected to provide support. These are bullish signs suggesting that the increase is expected to continue. Therefore, the BNB price is likely to reach the top of the range at $360. However, the signs are insufficient to determine if it will break out. BNB/USDT Daily Chart. Source: TradingView To conclude, the most likely BNB price forecast is an increase toward the range top at $360. Whether it breaks out or gets rejected could determine the future trend. On the other hand, if the BNB price fall below $290, it would invalidate the bullish structure and could catalyze a decrease toward $200. For BeInCrypto’s latest crypto market analysis, click here. The post Binance Coin (BNB) Price Soars Above $300, Is Next Stop $400? appeared first on BeInCrypto. 


Source : [Binance Coin (BNB) Price Soars Above $300, Is Next Stop $400?]( by Valdrin Tahiri - BeInCrypto by Valdrin Tahiri / March 16, 2023 logo


240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata ICO Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma


The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested.

Automata ICO Limited, a Company incorporated in Ireland with its registered office at 3rd Floor Ormond Building, 31-36 Ormond Quay Upper, Dublin 7, D07 Ee37, Ireland registered in Ireland under number 690280 has applied for a Virtual Asset Service Provider registration with the Central Bank of Ireland. Whilst the application is ongoing, we are permitted to continue business as a Virtual Asset Service Provider in line with the Central Bank of Ireland's regulatory disclosure statement as required under section 106L of the CJA 2010 in relation to registered VASPS.

Automata ICO Limited, a Permanent Establishment incorporated in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act.