BNB increases 1.70 percent as the price rises to $330 – Cryptopolitan

The most recent Binance Coin price analysis shows a bullish trend for the day because buying momentum has been steadily rising today. Last week’s market saw a dramatic improvement as coin value increased. Before that, sellers were exerting pressure on BNB/USD as it fought to maintain its price levels. The trend is currently in favor of buyers, as the price rose to $330.3 throughout the course of the day. The following resistance level at $334 may be tested again by bulls in the ensuing hours. 

BNB/USD 1-day price chart: Bulls keep fighting the selling pressure

Given that the cryptocurrency price covered an upward movement during the previous 24 hours, the daily Binance Coin price analysis supports a bullish trend for the market. In the previous week, the market was dominated by buyers while bulls were thriving. The cryptocurrency enjoyed a boost today as its value rose to $330.3. It is significantly higher than its moving average (MA) value, which has crossed above the SMA 50 curve and is currently standing at $318, which is another bullish sign. The coin’s value has increased by 1.70 percent over the last day, while today’s trading volume has increased by more than 36 percent, indicating considerable value gains.

Since the price oscillations are already high, the fact that the space between the Bollinger bands is expanding again means that the forthcoming price occurrences are much more likely to be bullish. The lower band provides a $304 value, which is the greatest support, while the upper band displays a $328 value, which the price has crossed over. Since the bulls are currently in the lead, the SMA 20 curve is trading above the SMA 50 curve. The relative strength index (RSI), which signals market buying activity, is currently trading at an upward slope of 62.

Binance Coin price analysis: Recent developments and further technical indications

The four-hour Binance Coin price analysis shows that the price of the cryptocurrency increased significantly in the first eight hours of today’s trading session, which stimulates buyers. This is because the bulls are working really hard to maintain their advantage. Later in the day, the coin corrected for eight hours as selling pressure grew as the buying trend gained momentum; however, in the last five hours, bulls have uplifted the price levels once again, reaching $330.2.

Bulls are predicted to maintain their lead, which will cause the upward trend to deepen. High volatility is indicated by the Bollinger bands indicator, which creates an average line of $324. Its lower band displays a value of $314, while its upper band displays a value of $334. The Relative Strength Index (RSI) graph indicates upward momentum as the score rose back to index 60, suggesting market purchasing activity.

Binance Coin price analysis: Conclusion

The above one-day and four-hour Binance Coin price analyses show that buyers are now winning. The cryptocurrency made a decent profit in recent days due to steadily rising price levels. The coin’s price value increased to $330.2 throughout the course of the last few hours, continuing the same pattern, with the bulls displaying overwhelming strength, which is positive for intraday trading.