At the time of writing, the trading price of Binance Coin (BNB) is worth $402.9 per BNB. Fortunately, this is a growing figure for Binance Coin as it has experienced a 4.69% surge in its value in the past 24-hours.
The current price of the Binance Coin has become an overhead resistance benchmark where the bulls are sustaining constant pressure from the bears. From the looks of it, the investors have continued finding success in the past 24-hours, as they have been fighting them off.
Current Trend of Binance Coin and its Technical Analysis
Despite the rally in the past 24-hours, it is still not clear where the price of Binance Coin may move in the near future. At present, the moving averages of the Binance Coin are indicating a neutral trend and so is the case with the oscillators. Both scales show that out of the total investors, 82% of the investors are neutral about Binance Coin’s trend. For the rest of the 18%, 9% of investors are willing to buy Binance Coin and the other 9% are willing to sell it.
Therefore, the summary scale for Binance Coin is also indicating a neutral trend, and if the rally continues, it may move into the bullish zone. This will result in investors siding with the bullish trend. With the trend becoming bullish, the investors may start investing in Binance Coin on a higher scale to form a strong rally.
At the moment, the relative strength index (RSI) for Binance Coin is at 49.9. On the other hand, the ultimate oscillator for Binance Coin is at 52.36. This is again an indication of a neutral trend, which may become bullish if the rally persists.
Binance Coin’s Rise to $488.1
At present, Binance Coin is hovering around the 20-day SMA, which is worth $401.70 per BNB. Going forward, the investors may attempt and push Binance Coin’s price up to and over the 100-day EMA, which is worth $416.8 per BNB.
The investors are currently trying to make Binance Coin more profitable for the investors. For this, they will need to push the trading price of the Binance Coin into the resistance zone. If the buyers keep doing what they are expected to do at their best, then Binance Coin’s price may surge to $419.0 per BNB.
As the situation progresses, more investors may join the trend. This may push Binance Coin over the second resistance mark of $456.2 per BNB. With the situation getting better, the trading price of Binance Coin may surge to $488.10
Binance Coin’s fall to $320.7
If the bulls fail to sustain the bears’ pressure at 20-day SMA, then Binance Coin’s price may fall below $400.00 per BNB. Going forward, the trading price of Binance Coin may fall below $372.5 per BNB.
The bears may make another attempt and this time, Binance Coin’s price may dip to $352.7, and then down to $320.7 per BNB.