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š„š„Binance Coin Passed Solana! Will BNB Price Rise to $400?
The Binance coin price has successfully gained momentum, adding over 21% to its valuation since the start of the month. It is also assumed that the periodic repurchase and burning of a fixed number of #BNB tokens to reduce the supply is the main reason for the recent price pump.
Binance coin briefly traded in a consolidated December Dec between $305.1 and $321.3, after which the market lost momentum and the BNB price registered a loss of over 10% in its portfolio. After that, the BNB coin traded in a closed December between $ 288.6 and Dec 297.5 for the next three days.
After multiple attempts, the bulls gained momentum, successfully exited the resistance level and recorded a jump of about 5% in valuation. Following this, the BNB coin price traded in a consolidated Decembers between $297.5 and $313.5 for the next thirteen days.
As market volatility increased, the bulls gained momentum and recorded a jump of 6,744%, after which the price declined from $ 321.3. Binance coin then traded sideways between $313.5 and $329.7, which indicates a Deceleration in the price movement.
Recently, the bulls have gained momentum and have risen by 14.16%, after which the price was rejected just below the resistance level of $ 370.5. Since then, the price has been trading sideways and is on its way to retesting the resistance level, the outcome of which is uncertain.
Will the BNB Rise Again?
The Relative Strength Index (RSI) continues to trade in the overbought December, highlighting the increasing demand for BNB coins in the crypto market. Technical averages, on the other hand, show the possibility of a downward trend in the coming days, indicating a mixed feeling in the crypto space.
If the market continues to gain momentum, the BNB coin price will fall and test the $ 370.5 resistance level. Also, if the sector continues to trade under the bullish effect, Binance coin will test its upper limit of $ 382.5 by the end of the month.
