Binance Coin (BNB) has proven itself to be a major cryptocurrency in the past few months. While the price of Altcoin increased from $ 39.5 to $ 270, it has earned its investors 590% year-to-date.
However, the decline that occurred a few days ago reduced the price of the coin from $ 311 to almost $ 200. As the market witnessed a recovery period, BNB also rose from this low and is currently trading at $ 258.39.
1-hour Binance Coin (BNB) price chart
Binance Coin entered a bullish wave once again as the price rose. The chart above indicated that the digital asset has not witnessed any wild movement lately as the price moved across $ 236 and $ 278.
As the market currently lacks the necessary momentum, the price may continue its journey within the above range in the short term.
The low volatility of the cryptocurrency has become visible with the convergence of the Bollinger bands. This showed that the value of the digital asset was moving in a narrow range and no price fluctuation was visible.
The Relative Strength Index stated that traders balanced the buying and selling pressure in the current market. RSI is at 53, which is close to the equilibrium zone.
Meanwhile, the MACD indicator noted that a slight uptrend emerged in the BNB market as the MACD line crosses the signal line. This signaled that the price might experience an upward momentum. Even so, BNB may need to overcome the $ 278 resistance to witness a drastic increase in price.
The current chart for Binance Coin stated that the digital asset is currently moving sideways and the price will require higher momentum to fluctuate. But the bullish returns to the market and could lead to another price increase in the long run.