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Binance Coin Defies Market Weakness, Traders Eye BNB To Hit $400

source-logo  thenewscrypto.com 21 February 2024 18:02, UTC
  • Binance Coin (BNB) has shown remarkable resilience, despite Bitcoin’s recent pullback from $53,000 highs.
  • BNB’s recovery from under $250 to over $350 highlights strong market confidence.
  • The altcoin’s technical setup is extremely bullish, mirroring patterns from the 2021 cycle.

Shortly after Bitcoin tapped new 2024 highs near $53,000 this week, bearish forces reemerged to spark a consolidation pullback across crypto markets. However, top altcoins like Binance Coin (BNB) continue trending upward despite the turbulence, cementing impressive resilience.

BNB has added over 60% in value just since December, when uncertainty surrounding the Binance exchange briefly weakened its token’s price severely. However, the altcoin has charged back sharply from under $250 to reclaim levels above $350.

Its sustained uptrend standing out against Bitcoin’s stumbles this week reaffirms market confidence in Binance Coin’s prospects for this cycle. Traders now debate whether BNB can continue this outperformance to tag $400 in the coming days.

BNB remains strong amidst market turmoil

Analysis of long-term indicators reveals an extremely bullish BNB setup reminiscent of crypto’s 2021 euphoria. BNB appears to be mimicking similar technical patterns that kicked off its parabolic 1600% surge last cycle. And momentum signals like the Relative Strength Index (RSI) show room to extend higher.

Notably, the weekly RSI holds above 70 in overbought territory for the first time since December 2020, which preceded BNB rocketing 16x within six months. If historical rhymes repeat, some argue another leg up replicating or even exceeding 2021 now looks increasingly probable.

More immediately, BNB also managed to conquer the formidable resistance zone spanning $338–351 in recent days after repeatedly failing to breach it in January. Having turned this area into support, BNB looks poised to maintain its steep price ascent in the near future.

Between leveraging its market-leading exchange volumes and a compelling technical positioning, analysts remain firmly bullish on BNB outpacing the market this month. Price targets endorsing further upside abound, with $400 becoming an initial milestone to reclaim before the token retests its all-time high from May 2021 above $690.

So despite broader market turbulence lately, Binance Coin continues charting its own path higher while barely skipping a beat this past week. Its show of strength bodes well for hitting ambitious new highs both later this year and through the current cycle.