Binance Coin [BNB] Surges Above $320, Eyes $350 Resistance
• Binance Coin [BNB] surged above a 12-hour bearish order block near $316 after two weeks of struggle.
• The $315 zone had presented stiff resistance to BNB bulls and if Bitcoin [BTC] continues to tick upward, the rest of the altcoin market is likely to follow.
• The first two days of February saw large green candles on Binance Coin and a move into the $332-$350 resistance zone is possible.
Binance Coin has been experiencing a surge in recent days, reclaiming the $316 level after two weeks of struggle. This is a significant development, as the $315 zone had presented stiff resistance to BNB bulls in late November and since mid-January. The first two days of February saw large green candles on Binance Coin, indicating that buyers held firm in the $300 zone and that the orange trendline support was not broken.
The bullish market structure of Binance Coin is important to note, as it is closely linked to the performance of Bitcoin [BTC]. If BTC continues to tick upward, the rest of the altcoin market is likely to follow. This is why the H12 order block at $320 was a key resistance for BNB, as it had to be broken for the altcoin to continue its uptrend. Fortunately, the bulls managed to do just that, and BNB is now poised to move into the $332-$350 resistance zone.
Retracement could be a suitable opportunity for buyers to enter the market, as they could wait for a flip of $332. Nevertheless, if the altcoin catapults higher in the coming hours, buyers should be prepared to bid on a retest of the $319-$323 zone. It is also important to note that the $350-$360 region is a significant resistance for Binance Coin and should be monitored closely. All in all, the outlook for BNB remains bullish, but traders should also be mindful of potential pullbacks.