The Binance Coin’s Recent Performance
The Binance coin experienced a brief neutral trend, suggesting a temporary decline in investor interest. However, the BNB token has recently regained momentum, showcasing a notable run in the past few days.
The Binance coin price surged by approximately 5% within the last day and has seen an impressive 31% increase in its portfolio this month. This substantial growth points towards a positive outlook for the token in the near future. The token has successfully achieved the $400 mark, indicating a strong bullish trend in the market.
Binance Coin Hits $400 Mark!
The BNB coin price remained within a narrow range of $297.5 to $308 for over a week. Subsequently, the bulls gained momentum and experienced a notable 10.18% jump over the next two days.
Afterwards, the Binance token entered a neutral trend briefly, reflecting a weak price action. As market volatility increased, the BNB token regained momentum and witnessed a jump of approximately 14% in valuation.
Following this, the price traded within a closed range of $348.5 to $364.5 for the next six days. Despite multiple attempts, the bulls managed an 8.78% jump before facing rejection at $393.9.
The Binance coin price then traded sideways for a period before recently experiencing a 5% jump, marking the achievement of its $400 milestone after more than two years.
The Relative Strength Index (RSI) remains above the overbought range, signaling a strong bullish influence in the crypto space. Additionally, the averages depict a consistent rise, suggesting the price will continue to gain value in the coming time.
Will BNB Price Experience an Upward Trend?
If the market propels the price above the resistance level of $401, the bulls are expected to regain control and prepare to test the upper resistance level of $420 within this week. Maintaining the price at that level could set the stage for the BNB coin to attempt testing its upper limit of $435 in the upcoming weeks.
Conversely, if the bears overpower the bulls, the BNB coin price may lose momentum and fall to test its support level of $384. Furthermore, if the bears continue to dominate, it could plunge and prepare to test its lower support level of $364.5 in the coming time.
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