Binance Coin Price Analysis: Bullish Momentum Accelerates as BNB Breaks Above $328
The Binance Coin price analysis reveals BNB/USD is in bullish momentum. The price has been continuously rising for the second day after getting support at $317. The bullish momentum has helped the cryptocurrency gain significant value, as the price has broken above the crucial resistance of $328 as the bullish momentum became quite aggressive today, reaching $331. The next level of resistance for BNB/USD is present at $340; in contrast, support is solid at $321.
BNB/USD 1-day Price Chart: Bullish Flight Helps BNB Gain Significant Value
The 1-day price chart for Binance Coin price analysis shows that the price spiked higher. The BNB/USD is trading hands at $331 at the time of writing. The crypto pair gained a value of $3.06 over the last 24 hours but is still at a loss in value amounting to 0.52 percent over the course of the last seven days. The trading volume has decreased by almost 30 percent. In contrast, the market cap has increased by 3.37 percent.
The volatility for BNB/USD is high, with the upper Bollinger band present at the $345 mark, denoting a resistance level for Binance coin, and the lower band is present at the $300 mark, representing the lowest support for the crypto pair. The relative strength index (RSI) is in the upper half of the neutral zone at index 55 on a very steep upward slope. The indicator shows a progression in buying activity since yesterday.
Binance Coin Price Analysis: Recent Developments and Further Technical Indications
The 4-hour Binance Coin price analysis shows bulls have performed well after yesterday’s stronger hourly correction; they even turned the trend in their own favor, and continued their march today, as the price climbed to $331 after a 24-hour bull run. Further improvement in price is also anticipated as bulls have broken the price above $328, targeting $335 next.
The volatility has decreased on the 4-hour chart as the Bollinger bands were steeply converging previously, but they started to expand again today as bullish momentum took flight. The upper band is at $331.5, and the lower band is at the $316 mark, making an average of $323.9. The average of the Bollinger bands is below the price level, providing support for the BNB/USD pair, and it is also below the MA level, which is $3249. The RSI is at index 54 in the neutral zone and shows the buying momentum in the market.
Binance Coin Price Analysis: Conclusion
The Binance Coin price analysis suggests that the price movement will be higher in the coming hours/days as volatility is increasing again. However, as the technical indicators are signaling, the price of the crypto pair will be going further up in the coming hours, as the market sentiment is quite positive for BNB/USD.
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