BNB Coin Price Hints Bullish Wave! Will Binance Price Reach $350 Soon?
Despite the crypto industry experiencing massive volatility in its valuation, the BNB coin price continues to display neutral trend, highlighting a decline in the investors interest toward it.
The BNB coin price traded in a closed range between $238 and $255 for a brief period, following which the market gained momentum and the price broke out of the range.
However, the rally was short-lived as the price faced rejection at $272, after which it traded sideways for about a week. After multiple attempts, the bulls regained power and jumped 25% in valuation.
The Binance coin price then faced rejection at $340, following which the price lost momentum and traded in a closed range between $310 and $329 for a period.
After multiple attempts, the market lost momentum, resulting in the price recording a correction of approximately 6%.
Since then, the price has been trading in a closed range between $290 and $310, indicating a weak buying and selling pressure for the coin in the market.
Will The BNB Price Ever Regain Value?
The Relative Strength Index (RSI) displays a neutral trend as the averages continue to record sideways trend. This highlights an uncertainty in the future price action of the coin.
If the bulls push the BNB price above the resistance level of $310.6, the price will regain momentum and test its upper resistance level of $329.4 soon. Maintaining the price at that level will set the stage for Binance coin price to attempt to test its resistance level of $340.
Conversely, if the market fails to gain power, the price will lose momentum and fall to test its support level of $298. Moreover, if the beras continue to dominate the market, it will plunge and prepare to test its lower support level of $290 in the coming time.
