Binance Coin price analysis: BNB bounces back to target $330 resistance

Binance Coin price analysis shows promising signs of an uptrend developing, as price increased more than 2 percent today to move up to $319, before settling at the current level of $314.9. Before today, BNB made an 8 percent jump to rise from $302, after successive downtrends at the $330 resistance point pulled price downward. Bulls will now be eyeing another go at the resistance point, with price in a position to consolidate an uptrend. BNB kept its 4th position in the crypto market, with a market capitalisation of $49,724,430,821.

The larger cryptocurrency market kept in the red zone from yesterday’s price action, as Bitcoin dropped to $24,500 with a 1 percent decline, and Ethereum to $1,600 with a similar downtrend. Meanwhile, among leading Altcoins, Ripple dropped 1 percent to $0.39 and Cardano to $0.40. Whereas Dogecoin stayed at $0.08 and Polkadot moved down by 2 percent to $7.17.

Binance Coin price analysis: BNB rises above moving averages on daily chart

On the 24-hour candlestick chart for Binance Coin price analysis, price can be seen forming an uptrend after a sustained bearish run at the start of the month pulled price back to the $300 mark. Having faced a rejection around the current resistance point at $330, BNB is expected to consolidate up to that point again over the current trend. Today’s price action moved BNB price above the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) $314.3 on the daily chart.

The 24-hour relative strength index (RSI) can be observed making a move upwards after dropping further into the oversold zone at 43. As the RSI picks up, market inclination towards BNB is expected to strengthen and reflected in price trend upwards. Meanwhile, the moving average convergence divergence (MACD) curve also shows the trend line approaching the signal line to form a bullish divergence. Despite the bullish signs in place, any movement below the $300 support zone would invalidate the bullish sentiment for BNB.

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