The Binance coin recorded a neutral trend for a brief period, indicating a rise in the disinterest of investors in this altcoin. However, the BNB token has regained momentum and has recorded a notable run over the past few days.
The Binance coin price recorded a jump of approximately 5% within the past day but has added over 31% to its portfolio this month, highlighting a positive outlook for the token in the coming time. Further, the token has successfully achieved its $400 mark, indicating a bullpower in the market.
Binance Coin Achieve $400 Mark!
The BNB coin price traded in a closed range between $297.5 and $308 for over a week, following which the bulls gained momentum and recorded a jump of 10.18% over the next two days.
After this, the Binance token displayed a neutral trend for a brief period, indicating a weak price action for the coin in the market. As the market volatility grew, the BNB token regained momentum and jumped approximately 14% in valuation.
TradingView: BNB/USDT
Following this, the price traded in a closed range between $348.5 and $364.5 for the next six days. After multiple attempts, the bulls jumped 8.78% before facing rejection at $393.9.
The Binance coin price traded sideways for a while, following which the bulls recently jumped 5%, resulting in it achieving its $400 mark after over two years.
The Relative Strength Index (RSI) continues to hover above the overbought range, indicating a strong bullish influence in the crypto space. Further, the averages show a constant rise, suggesting the price will continue gaining value in the coming time.
Also Read: Why is Bitcoin Price Up Today? Here Are the Top Factors Influencing BTC Price
Will BNB Price Go Up?
If the market pushes the price above the resistance level of $401, the bulls will regain power and prepare to test its upper resistance level of $420 this week. Maintaining the price at that level will set the stage for the BNB coin to attempt to test its upper limit of $435 in the upcoming weeks.
Conversely, if the bears overpowered the bulls, the BNB coin price would lose momentum and fall to test its support level of $384. Moreover, if the bears continue to hold power over the bulls, it will plunge and prepare to test its lower support level of $364.5 in the coming time.
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