BNB Price Breakout Suggests Why It Could See Major Lift-Off in 2024

NEW DELHI (CoinChapter.com) — BNB price shows many bullish signs above the $300 level. The recent breakout and weekly candles suggest more upsides toward $450.

BNB Price Stages A Fresh Rally

After forming a strong support base above the $200 level, BNB’s price increased significantly. The recent increase in Bitcoin also improved market sentiment. BNB bulls were able to clear a few hurdles near the $240 and $250 levels.

The price broke a crucial bearish trend line with resistance near $275 on the weekly chart. There was also a clear move above the 61.8% Fib retracement level of the last key drop from the $352 swing high to the $203 low.

The price now shows many positive signs and trades well above the 50-week simple moving average (blue). Recently, Binance posted a blog about ‘Year in Review,’ highlighting major landmarks in 2023. Their user base rocketed to over 167 million Binance users. Besides, their official educational platform (Binance Academy) saw almost 27 million users exploring the dynamic world of Web3, crypto, and blockchain.

BNB price is up over 4% today and approaching another major resistance at $345 and $350 (a multi-touch zone). A clear move above the stated resistance zone could increase the price. The next stop for the bulls could be the 1.618 Fib extension level of the last key drop from the $352 swing high to the $203 low at $445. Any more gains might send the price toward the $500 resistance level.

Another Drop?

If BNB’s price fails to clear the $345 resistance, it could start a downside correction. Immediate support on the downside is near the $300 handle.

The next major support is near the $280 zone or the 50-week simple moving average (blue). If the bulls fail to protect the $280 support, the price could move into a bearish zone again. In the stated case, it could revisit the $240 support. Any more losses could open the doors for a move toward the $202 support zone.

Overall, BNB’s price signals a major upside break above the $275 and $300 levels. A weekly close above the $345 and $350 levels could send the price toward $445 or even $500. Conversely, the price might correct lower and retest $280.