• Binance Coin (BNB) posted an impressive performance in the past two weeks, offering investors a 30% gain.
• However, it faced a price rejection at $314.2, a key resistance zone at the end of November 2022.
• If the bearish bias is confirmed, selling pressure could push BNB to retest the $287.3 support or break below it.

Binance Coin (BNB) has been demonstrating impressive performance in the past two weeks and has offered investors a 30% gain. In the last few days, BNB has been trading at around $302.4. However, it faced a price rejection at $314.2, a key resistance zone at the end of November 2022. The Relative Strength Index (RSI) and the Money Flow Index (MFI) were in the overbought zone, implying that the buying pressure was strong but the overbought condition may also set BNB for a possible trend reversal.

The trend reversal could be further strengthened by a potential decline in Bitcoin’s bullish momentum after its rally that lasted for only three days during the last U.S. CPI release on 13 December. If the trend repeats, Bitcoin’s bullish momentum could ease, tipping BNB bears to act, consequently increasing the selling pressure. This could push BNB to retest the $287.3 support or break below it, with $283.3 and $277.8 serving as short-selling targets for bears.

However, bulls could still attempt to retest the $314.2 resistance or break above it, especially if Bitcoin remains bullish. Such an upswing would render the above bearish bias null and would allow bulls to aim at BNB’s November high of $360 if they clear the $337 obstacle. In addition, BNB has seen an increase in daily active addresses but a decrease in trading volume, indicating an accumulation phase.

Overall, BNB has seen a 30% gain in the past two weeks, however, it faced a price rejection at a key resistance level. If the bearish bias is confirmed, selling pressure could push BNB to retest the $287.3 support or break below it. On the other hand, if Bitcoin remains bullish, bulls could attempt to retest the $314.2 resistance or break above it, allowing bulls to aim at BNB’s November high of $360 if they clear the $337 obstacle.