The crypto industry continues to display volatile trends as the market constantly faces significant price fluctuations in its value. Further, the BNB coin price displayed a notable uptrend in its value for the first time after a week, indicating a possibility of an increasing bullish sentiment in the crypto space.
The Binance coin price traded in a closed range between $238.2 and $247.2 for a while, after which the bulls gained momentum and broke out of the range. The rally was short-lived as the price faced rejection at $255.5, following which the price was pulled back within the closed range.
After trading sideways for a while, the bulls regained momentum and jumped over 10%, after which it faced rejection at $272. Following this, the BNB price recorded a correction of 16%.
The price traded in a consolidated range between $222.7 and $238.3 for a brief period, after which the bulls regained momentum and jumped 7% before facing rejection at $255.5.
Since then, the price has been trading under a bearish influence until recently, when the coin displayed a trend reversal and recorded a jump of 5% within the past day.
The Moving Average Convergence Divergence (MACD) displays a rising histogram, indicating an increase in the buying pressure. Moreover, the averages show a bullish convergence, suggesting the price will continue gaining power in the coming time.
Will The BNB Price Go Back Up?
If the bulls gain power and push the price above the resistance level of $247.2, the BNB price will regain momentum and run to test its upper resistance level of $255.5 this week.
Further, if the market holds the price at that level, the Binance coin price will attempt to test its key resistance level of $264.8.
Negatively, if a trend reversal occurs, the BNB coin price will lose momentum and fall to test its support level of $238.2 soon. Moreover, if the bears overpower the bulls, it will plunge further and prepare to test its lower support level of $230.2 by the month-end.
The post appeared first on Coinpedia
