BNB Price Prediction: Bulls Target $340 on Binance EU Expansion

Key Insights:

• This morning, Binance Coin (BNB) was down 0.84% to join the rest of the crypto top ten in the red.
• News of Binance exchange expansion in Europe provided early price support before a late morning reversal.
• Technical indicators are bullish, with BNB sitting above the 100-day.

On Tuesday. Binance Coin (BNB) rose by 3.59%, supported by Binance making progress in Europe. Reversing a 0.77% loss from Monday, Binance Coin ended the day at $0.77%.

While the broader market recovered from early afternoon losses to end Tuesday in positive territory, BNB had a breakout session.

BNB tested the day’s First Major Resistance Level at $331 with a day high of $330 before easing back.

Since a May 12 current year low of $206.62, BNB was up 59% to Tuesday’s day end.

Binance Exchange Expansion News Delivers Price Support

Following regulatory approval in France, Binance now has its eyes set on Germany as part of its EU expansion goals.

The latest shift to Europe follows progress in the Middle East in obtaining approvals to set up shop in the innovative crypto hubs of Abu Dhabi and Dubai.

This year, Binance obtained licenses to operate in Dubai, Abu Dhabi, and Bahrain.

Binance Coin Price Action

At the time of writing, BNB was down 0.84% to $325.31.

A bullish morning saw BNB break through the First Major Resistance Level at $335 to strike a day high of $337.5 before hitting reverse.

The reversal saw BNB slide to a late morning low of $325.0.

Technical Indicators

BNB will need to avoid the $323 pivot to target the First Major Resistance Level at $335 for a second time.

BNB would need broader crypto market support to break back through to $330.

An extended rally would test Second Major Resistance Level at $342. The Third Major Resistance Level sits at $360.

A fall through the pivot would bring the First Major Support Level at $317 into play. Barring another extended sell-off, BNB should avoid sub-$315. The Second Major Support Level sits at $305.

Looking at the EMAs and the 4-hourly candlestick chart (above), it is a bullish signal. BNB sits above the 100-day EMA, currently at $321. This morning, the 50-day EMA narrowed to the 100-day EMA, providing support. The 100-day EMA closed in on the 200-day EMA; BNB price positive.

A hold above the 100-day EMA would support another run at $340 and the 200-day EMA, currently at $342.