BNB Bulls Push Price Above $310 as Support at $287 Holds

• Binance coin [BNB] posted an impressive performance after sustaining massive FUD at the end of last year, surging from $240 to over $310 in the past two weeks.
• The $287.3 support is a key level to watch, as a break below it could potentially lead to further decline.
• Bulls could still attempt to retest the $314.2 resistance or break above it, especially if BTC remains bullish.

Binance coin [BNB] has been on a remarkable upswing in the past few weeks, gaining over 30% of its value since the end of November. After sustaining massive FUD at the end of last year, the cryptocurrency has seen an impressive performance, surging from $240 to over $310 in the past two weeks. At press time, it was trading at $302.4 and could drop further.

The $287.3 support is a key level to watch, as a break below it could potentially lead to further decline. On the 12-hour chart, the Relative Strength Index (RSI) and the Money Flow Index (MFI) were in the overbought zone. This implies that the buying pressure was strong, but the overbought condition also set BNB for a possible trend reversal. Besides, BTC’s rally only lasted three days during the last U.S. CPI release on 13 December. If the trend repeats, BTC’s bullish momentum could ease, tipping BNB bears to act. Therefore, selling pressure could increase in the coming day(s). This could push BNB to retest the $287.3 support or break below it. BNB’s decline below the support could be kept in check by $283.3 or $277.8. These levels can serve as short-selling targets for bears if the trend reversal is confirmed.

However, bulls could still attempt to retest the $314.2 resistance or break above it, especially if BTC remains bullish. Such an upswing would render the bearish bias null. The upside move will allow bulls to aim at BNB’s November high of $360 if they clear the $337 obstacle. BNB has also seen an increase in daily active addresses but a decrease in transactions, suggesting a consolidation phase.

Overall, BNB investors must keep an eye on the $287.3 support, as a break below it could lead to further downside pressure. On the other hand, a break above the $314.2 resistance could invalidate the bearish bias and pave the way for further gains.