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BNB buyers produced a 5% rally on the penultimate four-hour candle for Thursday, 21 December. This took the altcoin above the $269 resistance level and kept bulls firmly on track to hit $300 before the end of 2023.
BNB has experienced a turbulent year with several legal issues affecting the fundamentals behind the altcoin’s price action. However, the native token of the Binance Chain is looking to end 2023 strong.
Bitcoin (BTC) strengthened the overall bullish narrative in the market by trading between $43.8k to $44k.
BNB is on a bullish streak
The swift rise of BNB’s price over the past five days served as a reminder of why CZ’s prized token is still one of the top altcoins in the space.
The 18.3% price increase from the $231 support level saw BNB flip major resistance levels to support. The latest resistance level ($266) to be claimed by bulls was the level that saw a massive sell-off in November after price was rejected.
The bullish conquest of this key resistance has opened up new opportunities for further gains. Aggressive traders can enter at the current market price ($272) and ride the bullish wave to $300 for 10% profits. Conservative traders can wait for a re-test of the new support at $266 before opening new positions.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator remained bullish, as it remained well above the zero level along with green histogram bars.
Similarly, the Relative Strength Index (RSI) re-echoed the strong bullish trend by entering the overbought zone. While this could lead to a short-term retracement, it highlighted the strong buying pressure for BNB.
This buying pressure and the bullish outlook in the market could see BNB extend its status as the fourth biggest cryptocurrency, as Solana (SOL) continues to edge closer to it.
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.