The BNB price has increased by nearly 20% this week, approaching its yearly high. This is the largest weekly increase since 2021.

The upward movement took the price above $300 for the first time since May. Will BNB reach a new yearly high above $350 this week?

BNB Breaks Out from Long-Term Resistance

The BNB price has fallen under a long-term descending resistance trend line since its all-time high in November 2021. The decrease led to a low of $184 in June 2022. Afterward, the price increased but made an unsuccessful breakout attempt (red icon) in April 2023 (red icon).

After creating a higher low in October, the BNB price broke out from the trend line last week and has increased significantly this one, even though it has not reached a new yearly high yet. At the time of the breakout, the trend line had been in place for 770 days.

Cryptocurrency trader CryptoFaibik believes this breakout begins a new long-term upward trend.

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Author: Valdrin Tahiri

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