{"id":786,"date":"2021-03-23T13:06:00","date_gmt":"2021-03-23T17:06:00","guid":{"rendered":"https:\/\/www.hodlin.com\/blog\/?p=786"},"modified":"2021-03-23T23:42:45","modified_gmt":"2021-03-24T03:42:45","slug":"binance-coin-price-consolidates-is-bnb-usd-ready-for-370","status":"publish","type":"post","link":"https:\/\/www.hodlin.com\/blog\/binance-coin-price-consolidates-is-bnb-usd-ready-for-370","title":{"rendered":"Binance Coin Price Consolidates: Is BNB\/USD Ready for $370?"},"content":{"rendered":"\n
\"Binance
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The Binance Coin price, after what has been undeniably a stellar quarter, is steady, slightly lower versus the greenback but posting gains against both BTC and ETH. Presently, the path of least resistance, especially from a top-down review, is bullish.<\/p>\n\n\n\n

As of writing on Mar 22, the BNB price is up roughly two percent against the USD<\/a> and steady versus ETH and BTC. However, year-to-date, the BNB is up an impressive 21X, trading at $266 and perched at third in the market cap leaderboard.<\/p>\n\n\n\n

While the uptrend is firm, participation has been tapering in the last week of trading. For instance, the BNB average trading volumes of the previous day of trading are down 21 percent. At this level, $1.26 billion worth of BNB changed hands across exchanges.<\/p>\n\n\n\n

Albeit the shrinkage, buyers are still in control. Besides, liquidity, despite the contraction, doesn’t affect BNB’s liquidity.<\/p>\n\n\n\n

Binance Coin Price Overview<\/h2>\n\n\n\n

The BNB\/USD price remains in consolidation, reflecting the minor gains of the past week of trading against major currencies. However, while trading volumes are comparatively lower, BNB bulls are in the driving seat.<\/p>\n\n\n\n

From the daily chart, the immediate support is the middle BB\u2014a flexible line representing a buy wall, and Mar 4 low at around $230. Notably, the BNB price, for the better part of the last two weeks, has been consolidating within a $90 zone.<\/p>\n\n\n\n

On the upper end, bulls are waiting for signals. In that case, a close above $320 will thrust prices above the upper trend line of the bull flag–especially if there is a surge in trading volumes. This could catalyze participation with a high possibility of the BNB\/USD price rallying back to $370\u2014Feb 2021 highs.<\/p>\n\n\n\n

However, a sharp close below $320 may see the BNB price crater back to $200\u2014around Mar lows, without discounting the possibility of a dump to $100\u2014the 78.6 percent Fibonacci retracement level of the Feb 2021 trade range.<\/p>\n\n\n\n

Binance Coin Market Movers<\/h2>\n\n\n\n

aExchange\u2014the largest exchange by client count globally, the Binance Smart Chain (BSC)\u2014a smart contracting platform competing with Ethereum<\/a>, the Binance CeFi, and other ancillary products keeping clients engaged with crypto.<\/p>\n\n\n\n

The BSC continues to grow in prominence, recently processing more transactions than Ethereum.<\/p>\n\n\n\n

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#BSC<\/a> volume is higher than #ETH<\/a> x20\ud83e\udd23

We can't see other chains in this chart…@cz_binance<\/a> pic.twitter.com\/moVsOMUn00<\/a><\/p>— DM16 – Merlin\ud83d\udd2e\ud83e\uddd9|STONE\ud83d\udc26\u200d\u2b1b\ud83e\udea8|Tabi \ud83d\udfe7 (@orenopancake) March 17, 2021<\/a><\/blockquote>