• Binance Coin [BNB] has surged above the key resistance of $315 after two weeks of struggle.
• The market structure is bullish, with the $320 level being broken convincingly.
• The next major levels of resistance lie at $332 and $350, while buyers may look to enter longs at a retest of the $319-$323 zone.
Binance Coin [BNB] has seen a significant surge in the past few days, with the digital asset breaking through a key resistance zone that had been hampering its progress. The asset has been trading in a sideways pattern for most of the past two weeks, with the $315 zone representing significant resistance. This order block was finally broken convincingly in the past two days, with buyers pushing BNB higher.
The market structure of BNB is looking bullish, with the 12-hour order block at $320 being broken convincingly. This is a positive sign for BNB bulls, as it indicates that buyers are confident in the asset’s prospects. However, there are still some levels of resistance that need to be broken before BNB can make a significant jump higher. The next two major resistance levels lie at $332 and $350, and buyers may look to enter longs at a retest of the $319-$323 zone.
The bullish sentiment in BNB has been fueled by the wider market, with Bitcoin [BTC] itself remaining in a bullish pattern. BTC has faced some resistance around the $24.5k mark, but is still ticking upwards. This is likely to have a positive effect on the rest of the altcoin market, with BNB likely to benefit from this trend.
Overall, the outlook for BNB is looking positive, with the asset having broken through a key resistance level. However, buyers should still exercise caution as there are still some levels of resistance that need to be broken before BNB can make a significant jump higher.