BNB went up to $252.61 only to drop back some of the way and is now trading at $249.58.
Binance Coin made an initial breakout above its 5 day Simple Moving Average at $250.19, a potential indicator of a newly emerging bullish phase. Binance Coin's lower Bollinger Band® is at $233.54, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Binance Coin price action is currently oscillating around the $250.22 resistance level with prices moving above and below several times during the session.
Overall, looking at the technical analysis landscape, it seems BNB likely to continue pointing upward in the short term.
Other markets are also showing gains as Ethereum improves 4% to trade around $1,215.17. EOS ascends 4.33% to trade around $0.886.
At the same time, FTX Token closed at $0.92 (down 4.42%).
Having soared to a high of $552.13 approximately 11 months ago, Binance Coin is now trading 56.42% lower. Binance Coin has a market cap of 39.92 billion with an average daily volume of 128.15 million.