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BNB prices, like other crypto markets, including Bitcoin, are tracking higher. Trading above $300 and in a bullish formation, the path of least resistance is to the north.
The resurgence of the past few weeks has kept BNB on the defensive, trading above its 20-day moving average. Yesterday, January 29, the coin broke higher after one week higher highs within a tight range.
However, that is until BNB surpasses $320 and posted a new Q1 2023 high so that buyers are more confident. In that case, they would expect more of a spike, possibly above the November 2022 high, as the coin takes a turn after last year’s losses.
Binance Review 48 Offers and Projects
On January 29, Changpeng Zhao, CEO of Binance, said they had evaluated 48 deals and projects in the last week. However, while this is a welcome development, it is not yet clear whether this is on Binance’s part to fulfill its promise.
Last year, after the industry-wide struggles following the fall of FTX, Changpeng Zhao said it has prepared $1 billion crypto industrial funds denominated in BUSD, a stablecoin. The funds are meant to speed up recovery and to help really distressed crypto companies.
By the middle of this year, there were concerns that Binance was not living up to what was said. There is minimal movement of $1 billion worth of cat readings from on-chain data.
BNB Price Analysis
BNB added 45 percent from December lows in more than six weeks. The undervaluation in the middle of last month was corrected as prices edged up, lifting valuations.
BNB remains in a bullish breakout formation, firming above $250 and $285. The immediate support line is the 20-day moving average. On the high end, resistance is at $320.
Ideally, yesterday’s bull confirmation would require the coin to close above $320, preferably on the back of increased volume. In this case, BNB can find momentum to leg up $350 or November highs.
In case of a correction towards the bottom of the recent consolidation, bulls need to keep the price above $285. Any drop above this line allows traders to accumulate expectations of sharp increases in the coming days.
Sustained losses would invalidate this bullish preview, allowing BNB to retest $250.
Proprietary technical chart Trading View.
Disclaimer: The opinions expressed are not investment advice. Do your research.
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