Binance Coin also known as BNB, has been making good profits recently managing to make higher and higher lows that are signifying the resumption of the uptrend.
At the time of this writing, BNB is trading at $ 317.49, accumulating a gain of 5% in the last 24 hours, taking its market capitalization to $ 48.35 billion.
It is clear that the positivism that was some months ago has not yet fully recovered, and this is reflected in the little activity in the Binance Smart Chain.
However, the more than 3.6 million transactions that are carried out today in the BSC continue to mean exponential growth for the short time that this network has been born.
Binance Coin still has a good fundamental foundation. Just being the native token of the world’s largest exchange has a lot to win.
Also, as long as the firm behind the exchange continues to grow, as it is doing, there is no reason to think that BNB is going to be left behind.
New arms of Binance such as the newborn market place of NFT, will continue to attract attention to the BNB token, as this is the main vehicle to move within this ecosystem.
Binance Coin price technical analysis
When reviewing the weekly chart of the price of Binance Coin, we realize that despite all the losses of the last few months, the uptrend in the medium term has remained intact.
Now with the recent rejection of the support zone around $ 260.72, the bears are making their depletion notice. This appears to be signaling the end of the pullback and the start of bullish momentum.
We do not yet see any relevant bullish force to confirm that this is going to be the case. But as long as the support at $ 260 holds, it is more likely that we will visit the resistance at $ 428, even break through it, thus confirming the resumption of the medium / long-term trend.
If we see the price losing the named support, then the ground would be clear to a minimum of $ 211, however it could also be talking about the beginning of a deeper correction.
Short-term trend tries to turn bullish
Following the strong rejection of low prices, BNB has been manufacturing small lows and ever higher highs on the daily chart.
Today the price is challenging immediate resistance, located at $ 320. Going through it effectively, which is the most likely scenario so far, would finally confirm the recovery of the short-term trend.
If this happens, Binance coin would go for at least $ 333. Further up is a next resistance at $ 375. But it will not be until we break through the resistance at $ 428 that we confirm the resumption of the major trend.
To think about selling, the support at $ 287 must be lost, which would give way to a fall probably back to $ 260. Below we have the low of $ 211, a level that is very unlikely to be reached.
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