The Binance Coin (BNB), the cryptocurrency created by the crypto exchange Binance, has been rallying and is attempting to break out of a descending resistance line as of March 18th. This recent price increase was in spite of the US Commodity Futures Trading Commission having recently taken Binance Exchange to court over alleged fraudulent activities. Following the news, $1.6 billion was withdrawn from the platform, causing the BNB token price to fall back to the 0.5 Fibonacci retracement at $305.The daily Relative Strength Index (RSI) also shows that the BNB price is sitting just below the 50 line, which means that a rebound may take place if support is found around the $305 area. If the recent bullish movement does hold, the token could see an uptrend towards the next resistance at $357.

Analysts studying the price movements of the BNB predict an even larger bullish move, believing the current price action is part of a five-wave impulse headed towards $498. This price point is given by the 0.618 Fibonacci resistance of the entire drop since the all-time high. However, certain conditions need to remain true in order to confirm the bullish outlook, namely the token remaining above the $265 mark. If the BNB token were to break under this support level, then the price could potentially fall down to the $220 support area.

Overall, the BNB token is displaying growing bullish momentum and is further improving its potential for long-term gains. If investors are able to hold onto their tokens and resistance or support levels are accurately identified, then the BNB could jump above $500 in the near future. For more in-depth analysis on the crypto market, BeInCrypto provides the latest analysis and news on the entire space.



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