Binance Coin’s price held beyond $400 despite modest losses during the previous session. The alternative token has consolidated beneath $420 since touching $424 peaks on 1 March. The 200 Exponential Moving Average and the bearish declining line have dealt a blow to BNB buyers. Meanwhile, the price should rise beyond the area with above-average volumes for continued price upsurges.
BNB has its price actions within a constricted range during the weekend. Enthusiasts can expect a move towards the $450 zone beyond the descending trend-line. Meanwhile, the 50-day Exponential Moving Average caps immediate downside by Binance Coin.
BNB/USD traded around $412.89 at this publication, following a 0.56% drop on the day. Binance Coin ranks 4th with a market cap of $68,343,542,053 (Coinmarketcap data).
Binance Coin Consolidates Before another Surge
Binance Coin encounters a challenge around the $420 area according to the daily price chart. That comes after the altcoin failed to overcome the level on the previous test on 1 March. Meanwhile, BNB secured a dependable support floor near the $350 zone. BNB price gained approximately 31% to its latest swing peaks since registering record lows during February sessions.
A significant break past the bearish declining line will encounter the initial hurdle to the upside near the vital 200-Exponential Moving Average around $431. It is a crucial barrier to the eye for upcoming highs by BNB bulls. Extended buying momentum will see Binance Coin exploring the psychological area of $450.
Contrarily, a decline beneath the 50-day Exponential Moving Average will annul the token’s bullish outlook. In such a case, BNB might see its price revisiting the horizontal support floor near $360.
Meanwhile, Binance Coin needs improved sentiments to attain its upside objectives. Bitcoin steadies beyond $44K but showed some weakness over the past few hours, staying 1.44% lower over the past day.
BNB Technical Indicators
- Relative Strength Index
The daily Relative Strength Index (RSI) sits at 58-mark while moving beyond the average line. Such reading shows an underlying bullish pressure.
- Moving Average Convergence
The Moving Average Convergence Divergence (MACD) hovers beyond the middle line, exhibiting a neutral bias.
- Trading Volume
The Volume Trend indicator stabilized higher since the February lows.