The Binance coin is about to conclude this week positively, with a gain of over 6% to its portfolio. Further, the crypto market is assumed to stabilize as top crypto tokens display a positive trend in their respective charts.
The Binance Coin price traded in a closed range between $313.5 and $323.9 for the first week of the year, during which the bears repeatedly failed to hold the BNB price below its support level. Following multiple attempts, the bears successfully recorded a breakdown of the support level. The breakdown resulted in the price losing over 5% in valuation within a day.
Following this, the price traded close to its support level of $305.1 for the next three days, indicating a bearish influence in the market. The bulls then lost momentum and broke down the support level, after which the price displayed significant fluctuations. This resulted in the price trading in a consolidated range between $288.6 and $305.1 for about a week.
As the market volatility grew, the bulls regained momentum and recorded a jump of approximately 10% within the next 24 hours. Following this, the BNB coin price recorded significant price fluctuations for the next four days. As the market stabilized, the Binance coin price started trading in a consolidated range for about a week.
The market then lost momentum and recorded a drop of over 9%. Following this, the price traded sideways for a while, and after multiple attempts, the bulls successfully broke out of the resistance level. The BNB coin price then constantly traded sideways, indicating a weak price action for the coin in the market.
Recently, the bulls regained momentum and recorded a jump of over 7.5% within the past two days and are on the verge of testing their resistance level, the outcome of which is uncertain.
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Will BNB Go Up?
The MACD displays a constant decline in the histogram, highlighting a cool-off in the price action for the coin. Further, the averages show a rising pattern, suggesting a bullish influence in the crypto market.
If the market continues to gain momentum and pushes the price above its resistance level of $323.9. The bulls will regain momentum and prepare to test its important resistance level of $334.4. Maintaining the price at that level will set the stage for Binance Coin to attempt to test its upper limit of $342 in the upcoming weeks.
Conversely, if a trend reversal occurs, the price will lose momentum and fall to test its support level of $313.5. Moreover, if the bears continue to dominate the market, it will continue to bleed and prepare to test its lower support level of $305.1 this month.