• Binance Coin (BNB) found support near $240 against the US Dollar.
• BNB rallied above $260 and might aim more upsides towards the $300 level.
• BNB is now trading above $265 and the 100 simple moving average (4-hours).
Binance Coin (BNB) has been performing strongly over the last week, finding support near the $240 level against the US Dollar. After a strong recovery wave, BNB has managed to rally above the $260 mark and is now looking to test the $300 level.
The BNB/USD pair has been trading within a major bearish trend line with resistance near $250 on the 4-hour chart. However, the bulls have managed to break above this resistance, allowing the price to surge higher. BNB has since been trading above the $265 mark and the 100 simple moving average (4-hours).
The current momentum suggests that BNB could be aiming to test the $280 and $285 resistance levels in the near future. If the bulls can break above these levels, the next major resistance is likely to be found near the $292 level. If this level is breached, BNB could be on track to target the $300 level.
On the other hand, if the price fails to break above the $280 and $285 resistance levels, it could face a strong selling pressure and start a new bearish wave. In such a case, the price might fall back towards the $240 support level.
Overall, BNB is looking bullish and could be aiming for the $300 level in the near future. However, the bulls need to maintain the current momentum in order to push the price higher.