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The Binance coin price has successfully regained momentum by adding over 21% to its valuation since the month started. Further, the periodic buy-back and burning of a fixed number of BNB tokens to reduce supply is assumed to be the prime reason for the recent price pump.
The Binance coin traded in a consolidated range between $305.1 and $321.3 for a brief period, following which the market lost momentum, and the BNB price recorded a loss of over 10% to its portfolio. After this, the BNB coin traded in a closed range between $288.6 and $297.5 for the next three days.
TradingView: BNB/USDT
After multiple attempts, the bulls regained momentum, successfully broke out of the resistance level, and recorded a jump of approximately 5% in valuation. Following this, the BNB coin price traded in a consolidated range between $297.5 and $313.5 for the next thirteen days.
As the market volatility grew, the bulls regained momentum and recorded a jump of 6.744%, after which the price faced rejection at $321.3. The Binance coin then traded sideways between $313.5 and $329.7, indicating a cool-off in the price action.
Recently, the bulls regained momentum and jumped 14.16%, following which the price faced rejection just under the resistance level of $370.5. Since then, the price has been trading sideways and is on a path to retest its resistance level, the outcome of which is uncertain.
Will BNB Go Up Again?
The Relative Strength Index (RSI) continues to trade over the over-bought range, highlighting an increased demand for BNB coins in the crypto market. The technical averages, on the other hand, show a possibility of a bearish convergence in the coming days, indicating a mixed sentiment in the crypto space.
If the market continues to gain momentum, the BNB coin price will fall and test its resistance level of $370.5. Further, if the industry continues to trade under a bullish influence, the Binance coin will test its upper limit of $382.5 by the end of the month.
On the flip side, if the bears gain control over the market, the BNB token will lose momentum and test its support level of $354.3. If the bears continue to overpower the bulls, the price will continue to bleed and prepare to test its lower support level of $342 in the coming days.