The Positive Trend of Binance Coin Price
The Binance coin price has shown a positive trend for the first time after trading sideways for over a week. In the past 24 hours, the BNB token has surged over 9%, accumulating a total increase of over 15% in the past week. This surge underscores the growing buying pressure for the coin in the cryptocurrency space.
Breaking Out of the Trading Range
The BNB coin price was confined within a closed range of $222.7 and $230.2 for more than a week. The bulls gained power and successfully broke out of this range. However, the rally faced a setback as the price was rejected at $247.2.
Subsequently, a pullback occurred, erasing all the gains from the initial jump. The BNB coin found support at $230.2, and the market regained momentum, resulting in an 11% increase in value.
Volatility and Corrections
The price then traded within a closed range of $247.2 and $255.5 for a period. A correction of 8.5% followed, with the BNB coin retesting its resistance level of $238.3. The bulls regained momentum and propelled the price upward by over 14%.
Current Sideways Trading and Bullish Momentum
Currently, the price is trading sideways in a range between $264.8 and $272. The bulls recently gained momentum to break out above the resistance level, indicating a strengthening bullish influence.
Future Price Movement
Will BNB Coin Price Go Back Up? The MACD technical indicator shows a rising histogram, signaling an increase in buying pressure. Bullish convergence in the averages suggests significant price action in the near future.
If the market holds the price above the support level of $280.7, the bulls are likely to regain momentum and test the resistance level of $290. Sustaining this level could pave the way for the BNB price to attempt testing its upper resistance level of $300 in the coming week.
On the contrary, if the bears overpower the bulls, the price may lose momentum and test the support level of $264.8. Continued bearish dominance could lead to a further drop, testing the lower support level of $255.5.
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