Binance Coin spikes to $296.07 gaining $29.36.
Binance Coin made an initial breakout above its 200 day Simple Moving Average at $279.88, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $267.57 by around $28.5 with prices hammering out a $265.2 – $299.78 session range. Binance Coin broke through the $272.03 resistance, climbing $24.03 above it.
Overall, looking at the technical analysis landscape, it seems Binance Coin might continue pointing upwards in the short term.
BNB shows positive signs, other assets are also on par: Litecoin is up 11.78%. Having closed the previous session at $109.37, Bitcoin Cash is up 5.07% today to currently trade at around $114.92.
At the same time, FTX Token is trading around $1.28 (down $0.055).
Approximately 11 months ago, BNB reached a significant high of $652.16 but has struggled to hold onto its gains and declined 59.1% since then. Binance Coin is currently trading with a market cap of 47.36 billion with an average daily volume of 237.18 million.