Binance Coin Price Analysis & Prediction (Jan 17th) – BNB Trades Back Above $300 Following a Weekly 17% Gain, Can it Hold Well? The VR Soldier

As market cap climbed to $1 trillion today, Binance Coin tapped a three-week high amid the recovery but dropped slightly due to a sudden surge in volatility. The cryptocurrency is still up by 4% today as it charges for more gains.

BNB is back and trading nicely above $300 after recovering by over 50% from the late 2022 crash – $220. Following the recovery, which became significant this week, the asset consolidated below the $250 level for two weeks before it got flipped.

This week’s rally caught the bears unaware as the bulls pushed the price to a high of $314.4 over the past hours. But unfortunately, this high was rejected to $304 at the moment. The bullish momentum remains intact with a more potential increase.

With many liquidated prices around $240, a lot of bears are now trapped and now in disbelief. BNB can still go as high as $350 if the bulls continue to show strong commitment.

It technically looks bullish on the daily chart below. Since the price fell to $184 in mid-2022, it has maintained a bullish pattern – which is recently footed from the formed channel’s support.

If BNB drops below $318 and rebounds above $250, we can expect a massive price movement with a clinical head & shoulder pattern to $420. However, losing the $220 level will trigger a big sell-off.

BNB Key Level To Watch

BNB is looking for support above the $300 psychological level. If the level fails to provide support, it may find a lower level at $284.4. There is also support at $265.1 in case of more drops.

If the price retakes today’s high and increases above the $318.4 resistance level, the next target for BNB is $336.6. The resistance to watch above this level is $346.8 and perhaps $360, around the channel’s resistance.

Key Resistance Levels: $318.4, $336.6, $346.8

Key Support Levels: $300, $284.4, $265.1