BNB Price Records 25.59% Weekly Gains! Binance Coin To Rally 50% This Month?
The post BNB Price Records 25.59% Weekly Gains! Binance Coin To Rally 50% This Month? appeared first on Coinpedia Fintech News
The crypto industry continues to record massive price action with the elite tokens constantly recording a new high. With the Bitcoin price successfully recording a new all-time high (ATH) of above $71,000, the market is expected to display a volatile week.
On the other hand, the BNB coin price has successfully regained momentum after displaying a neutral trend for a brief period. The Binance token has added over 58.35% within the past 30 days and its YTD stands at approximately 70%.
Binance Coin Price Regains $500!The Binance coin price traded in a closed range between $315.4 and $348.5 for a while, after which the bulls gained momentum and the price successfully broke out of the resistance level. Following this, the price traded between $348.5 and $371.4 for the next seven days.
As the market volatility grew, the bulls regained momentum and recorded a jump of 10.2% in valuation. The BNB token then constantly gained momentum and added approximately 13.86% during the next twelve days. After facing multiple rejections at the resistance level, the bulls lost momentum.
TradingView: BNB/USDT
The BNB price recorded a loss of 12.17% in value, following which it tested its support level. After testing its low of $371.4, the Binance coin has been constantly trading under a bullish influence and added over 43.32% to its portfolio before facing rejection at $532. Since then, the price has been displaying a neutral trend in the chart.
The Relative Strength Index (RSI) continues to trade above the overbought range, indicating an increased buying-over-selling pressure in the crypto market. Moreover, the averages display a high possibility of a bullish convergence, suggesting the price will continue gaining value in the coming time.
Will BNB Price Go Up?If the market pushes the price above the resistance level of $532, the bulls will regain momentum and test its upper resistance level of $550. Further, if the bulls hold the price at that level, it will set the stage for Binance price to attempt to test its resistance level of $575 in the coming time.
Negatively, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $498. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $463.