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

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.

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