Binance Coin also known as BNB, has been making good profits recently managing to manufacture 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 profit of 5% in the last 24 hours, bringing the capitalization of its market to $48,350 million.
It is clear that the positivism that we had a few 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 an exponential growth for the short time that this network has been born.
Binance Coin still has a good foundation. Just being the native token of the largest exchange in the world has a lot of gain.
Moreover, as long as the firm behind the exchange continues to expand, it continues to grow, as it is doing, there is no reason to think that BNB will be left behind.
New Binance arms such as NFT’s new-born market place 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
Looking at the weekly Binance Coin price chart, we realize that despite all the losses of the past few months, the medium-term uptrend has remained intact.
Now with the recent rejection of the support zone surrounding the $260.72, the bears note their exhaustion. This seems to be signaling the end of the retracement and the start of a bullish momentum.
We still don’t see any relevant bullish force to confirm that this is going to be so. But as long as the support at $260 holds, we are more likely to visit the resistance at $ 428, even going 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 cleared to a minimum of $211, however he could also be telling us about the beginning of a deeper correction.
Short-term trend tries to become bullish
Following the strong rejection of low prices, BNB has been manufacturing small lows and higher and higher highs on the daily chart.
Today the price is defying the immediate resistance, located at $320. Crossing it effectively, which so far is the most likely scenario, would finally confirm the recovery of the trend in the short term.
If this happens, Binance Coin would go for at least $333. Higher up is a next resistance at $375. But it will not be until we pass through the resistance at $428 when we confirm the resumption of the major trend.
To think of sales 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.
All our publications are informative, so in no case should they be accepted as investment advice.
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