Tentatively higher from an earlier low of $309.55, BNB is up to $318 today, adding $5.6, or 1.79%, to today's closing price of $312.4.
Chart analysis indicates Binance Coin is $1 away from testing key resistance at $319. Peaking above this level could inspire market bulls and open the path to further gains. Trend-focused traders would be interested to note that BNB made an initial breakout above its 21 day Simple Moving Average at $316.03, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Binance Coin's upper Bollinger Band® is at $339.33, this is a slight indication of a slowdown.
With market volatility ebbing, the current technical outlook indicates BNB will remain range-bound for the immediate future.
Other markets are also showing gains as Bitcoin Cash is up 7.39% to $146.49. FTX Token surges 9.54% to trade around $1.36. Having closed the previous session at $0.387, Ripple is up 4.35% today to currently trade at around $0.404.
This year has been a bright one for BNB after trading as low as $196.72 and going on to appreciate by 30.03% year to date. BNB has a market cap of 50.21 billion with an average daily volume of 452.34 million.