After a period of trading without much movement, the Binance Coin (BNB) has finally shown a positive trend. Within the last 24 hours, the BNB token surged by over 9%, contributing to a total gain of more than 15% over the past week. This highlights a growing interest in buying BNB within the cryptocurrency space.
Previously, BNB traded within a tight range, moving between $222.7 and $230.2 for over a week. However, the bulls took control, breaking out of this range. Despite this positive move, the rally was short-lived as the price encountered resistance at $247.2.
TradingView: BNB/USDT
BNB Price Action: Peaks, Pullbacks, and Sideways Trading
Following a surge, the Binance Coin (BNB) faced a pullback that erased all gains, settling at the support level of $230.2. The market then gained momentum, propelling the price with an approximately 11% jump.
Subsequently, BNB traded within a confined range, oscillating between $247.2 and $255.5. However, a loss of momentum led to an 8.5% correction. Revisiting the resistance at $238.3, the BNB coin price saw the bulls regaining control, initiating a robust 14% jump.
In recent developments, the price has engaged in sideways trading, fluctuating between $264.8 and $272. Notably, a recent breakout above the resistance level hints at a resurgence of bullish influence in the market.
BNB Technical Analysis: Bullish Signals and Key Levels
Analyzing the technical indicators, the MACD reveals a rising histogram, signaling an increase in buying pressure. Additionally, the averages demonstrate a bullish convergence, suggesting an imminent significant price movement.
In the event that the market successfully maintains the price above the support level of $280.7, the bulls are likely to regain control, testing the resistance at $290. Sustaining this level could pave the way for BNB to aim for its upper resistance at $300 in the upcoming week.
On the flip side, if bears overpower the bulls, causing a loss of momentum, the price may test the support level at $264.8. Further dominance by bears could lead to a decline, challenging the lower support at $255.5. Traders should closely monitor these key levels for potential market movements.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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