Binance Coin price analysis: BNB boosts to initiate rally towards $320

Binance Coin price analysis

Binance Coin price analysis shows a rare bearish return today, as price surged by more than 12 percent to move close to the $300 resistance point. BNB has cleared levels above $295 for the first time since the massive 34 percent decline that took place on November 8. Since then, BNB had settled around the $250 support zone to build momentum which could now put the token on course for a move up to $320. The immediate resistance however lies at the $300 mark after clearing the $265 and $270 resistance levels over the course of the day.

The larger cryptocurrency market responded in similar fashion to BNB, as Bitcoin rose around 3 percent to move up to $16,500, and Ethereum saw a 4 percent increase to consolidate above the $1,100 zone. Among Altcoins, Ripple made a slight jump to move as high as $0.38, whereas Cardano rose 2.5 percent to move up to $0.31. Meanwhile, Dogecoin jumped 4 percent to $0.08, while Polkadot rose 3 percent to $0.31. Solana recorded the biggest daily increase of 20 percent to jump above the $14 mark.

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Binance Coin price analysis: Cryptocurrency heat map. Source: Coin360

Binance Coin price analysis: BNB shoots up above moving averages on the daily chart

On the 24-hour candlestick chart for Binance Coin price analysis, price can be seen forming a swift uptrend after an extended horizontal period around the $250 mark. In the procession, BNB price has picked up to move past the 9 and 21-day moving averages, along with the 50-day exponential moving average (EMA) at $276.44.

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Binance Coin price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) shows a positive upturn in momentum to move up to 53.85. As price moves up to the $300 resistance, the RSI would move into the oversold region with price correction expected around then. Meanwhile, the moving average convergence divergence (MACD) can be seen picking up to execute a bullish divergence around the neutral zone. Trading volume went up by around 150 percent over the past 24 hours, indicating steady market interest in BNB.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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