BNB Bulls Rally, Breaking $269 Resistance
On Thursday, December 21, BNB buyers initiated a remarkable 5% rally during the penultimate four-hour candle. This surge propelled the altcoin above the crucial $269 resistance level, firmly maintaining the bullish trajectory towards a $300 target by the end of 2023.
BNB’s Resilience Amidst Challenges
Despite facing a challenging year with legal issues impacting its fundamentals, BNB, the native token of the Binance Chain, is poised to conclude 2023 on a strong note.
Bitcoin’s Impact on the Market
Bitcoin (BTC) played a pivotal role in reinforcing the overall bullish sentiment in the market by trading within the range of $43.8k to $44k.
BNB’s Bullish Streak
The rapid ascent in BNB’s price over the last five days serves as a testament to its enduring prominence in the cryptocurrency space. The 18.3% surge from the $231 support level resulted in BNB flipping major resistance levels to support, with the latest resistance at $266 conquered by bulls.
- This successful breach opens up new opportunities for further gains.
- Aggressive traders can enter at the current market price ($272) for a potential ride to $300 and a 10% profit.
- Conservative traders may opt to wait for a re-test of the new support at $266 before opening new positions.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator remains bullish, positioned comfortably above the zero level with green histogram bars. The Relative Strength Index (RSI) echoes this strong bullish trend by entering the overbought zone, suggesting potential for a short-term retracement while emphasizing robust buying pressure for BNB.
This prevailing buying pressure and the positive market outlook position BNB to extend its status as the fourth-largest cryptocurrency, even as Solana (SOL) continues to approach closely.