Table of Contents
Binance Coin (BNB) closed February above the $400 price mark. This showed strong buy interest in BNB, despite Solana (SOL) trying to take its spot as the fourth-largest cryptocurrency by market capitalization.
The bullish conquest of the price resistance around $390-$400 extended BNB’s bull run from the $300 support level. With a successful retest of the support level at $391 on 1 March, can BNB push on to reach $500 this month?
Binance Chain: BNB’s Primary Ecosystem
Binance Chain is a blockchain platform developed by Binance, one of the largest cryptocurrency exchanges in the world. It was launched with the aim of providing a fast and efficient platform for issuing and trading digital assets. Binance Chain is built with a focus on high performance, low transaction fees, and a simple user experience.
Binance Chain’s native cryptocurrency is called Binance Coin (BNB). BNB is used for various purposes within the Binance ecosystem, including transaction fees, token creation, and participation in governance.
Binance Chain supports the creation and issuance of digital tokens, which can represent various assets such as cryptocurrencies, stablecoins, or even digital representations of real-world assets.
Another Price Resistance Stands in the Way
The Relative Strength Index (RSI) on the four-hour timeframe revealed the strong buying pressure with the indicator remaining above the neutral 50 throughout February.
This allowed BNB buyers to flip the $344 and $391 resistance levels to support with minimal opposition from sellers. However, the resistance level at $455 stands in the way of bulls reaching $500.
Previous price action around $455 signified it as a stronghold for sellers, so buyers will need to be cautious to avoid steep retracements. In the short term, buyers can bid from the current price level of $417 with attractive returns of 11% at the $455 resistance zone.
Overall, buyers can expect BNB’s current bullish run to continue but should adopt capital protection moves around the $455 resistance level.
Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your due diligence before making any trading or investment decisions.
