The Binance coin price has displayed a positive trend for the first time after trading sideways for over a week. The BNB token has jumped over 9% within the past 24 hours and has cumulatively added over 15% during the past week, highlighting increasing buying pressure for the coin in the crypto space.
The BNB coin price traded in a closed range between $222.7 and $230.2 for over a week, following which the bulls gained power and broke out of the range. However, the rally was short-lived as the price faced rejection at $247.2.
Following this, the coin experienced a pullback, resulting in it erasing all its gains from the jump. The BNB coin traded at its support level of $230.2, following which the market gained momentum and the price jumped approximately 11% in value.
After this, the price traded in a closed range between $247.2 and $255.5 for a while, following which the price lost momentum and recorded a correction of 8.5%. The BNB coin price retested its resistance level of $238.3, after which the bulls regained momentum and jumped over 14%.
Since then, the price has been trading sideways in a range between $264.8 and $272. Recently, the bulls gained momentum to break out the resistance level, indicating a rise in the bullish influence.
Will BNB Coin Price Go Back Up?
The technical indicator, MACD, displays a rising histogram, indicating an increase in the buying pressure. Further, the averages show a bullish convergence, highlighting the price will experience significant price action soon.
If the market holds the price above the support level of $280.7, the bulls will regain momentum and test its resistance level of $290. Maintaining the price at that level will set the stage for BNB price to attempt to test its upper resistance level of $300 by the coming week.
Conversely, if the bears overpowered the bulls, the price would lose momentum and prepare to test its support level of $264.8. Moreover, if the bears continue to dominate the market, it will plunge and test its lower support level of $255.5.