The BNB Coin Price Amidst Crypto Industry Volatility
Despite the crypto industry experiencing massive volatility in its valuation, the BNB coin price continues to display a neutral trend, highlighting a decline in investors’ interest toward it.
The BNB coin price traded in a closed range between $238 and $255 for a brief period, following which the market gained momentum, and the price broke out of the range. However, the rally was short-lived as the price faced rejection at $272, after which it traded sideways for about a week. After multiple attempts, the bulls regained power and jumped 25% in valuation.
The Binance coin price then faced rejection at $340, following which the price lost momentum and traded in a closed range between $310 and $329 for a period.
After multiple attempts, the market lost momentum, resulting in the price recording a correction of approximately 6%. Since then, the price has been trading in a closed range between $290 and $310, indicating weak buying and selling pressure for the coin in the market.
Analyzing Potential Future Movements
Will The BNB Price Ever Regain Value? The Relative Strength Index (RSI) displays a neutral trend as the averages continue to record a sideways trend. This highlights uncertainty in the future price action of the coin.
If the bulls push the BNB price above the resistance level of $310.6, the price will regain momentum and test its upper resistance level of $329.4 soon. Maintaining the price at that level will set the stage for Binance coin price to attempt to test its resistance level of $340.
Conversely, if the market fails to gain power, the price will lose momentum and fall to test its support level of $298. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $290 in the coming time.
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