After ending the previous trading day at $296.18, BNB went up to $304.6 only to drop back; still positive overall today, now trading at $297.98.
Trend and momentum analysis indicates that Binance Coin made an initial breakout above its 5 day Simple Moving Average at $302.47, a potential indicator of a newly emerging bullish phase. Fibonacci-minded traders witnessed a key Fib resistance level of $300.8 holding firm – an indicator of highly concentrated supply around this level. Analysis based on the asset volatility indicates that BNB's upper Bollinger Band® is at $316.31, this is a slight indication of a slowdown. Chart analysis indicates Binance Coin could be slowing down soon as it approaches resistance at $308.36. Of course, crossing it might suggest further gains are ahead.
All in all, the technical analysis suggests BNB has no clear-cut direction.
Binance Coin shows positive signs, other assets are also on par: Ethereum rises 4.16% to trade around $1,268.49. Dogecoin is up 4.26%. Having closed the previous session at $16,455, Bitcoin is up 2.56% today to currently trade at around $16,875.
BNB is now trading 54.31% below the significant high of $648.25 it set around 11 months ago. BNB is currently trading with a market cap of 47.67 billion with an average daily volume of 174.29 million.