Binance Coin (BNB) became one of the biggest-earning cryptocurrencies in the cryptocurrency market on Tuesday, and the confidence of investors is growing exponentially with each passing day.
Thanks to this, BNB/USD, whose value has increased by 6% during the day, is trading around $318.
Despite the many challenges that Binance, the world’s largest exchange, is having, BNB is in an uptrend thanks to increased purchases by investors on the platform. Cryptocurrencies such as Bitcoin and Ethereum experience high volatility, and as a result of this volatility, investors’ interest in altcoins is increasing. As a result of this situation, it is possible to predict that the values of altcoins will increase day by day.
A few days after the UK banned Binance, Barclays, a popular bank in the UK, began blocking money transfers to the platform, adding that this move will continue until further notice.
The interesting thing is that immediately after the announcement of the restriction, it can be said that investments in BNB did not decrease and continued in a stable way.
It seems that the probability of Binance Coin price heading for an upside break is high. On the 4-hours chart of BNB/USD, we can see that a smaller MA-50 SMA is set to meet the larger 200 SMA timeframe supporting further bullish prospects.
Additionally, most of the moving averages outside the larger 200 EMA and 200 SMA show an uptrend, as does the MACD indicator.
One thing we should not forget is that unless our technical analysis is an unusual situation, for example, if the sensitivity to cryptocurrencies suddenly decreases, the accuracy of the analyzes may deviate.
It is sitting comfortably above the pivot point at $299 and it looks set to see its first resistance at $323. A break above this could push Binance Coin price as high as $338 as there could be a little more pressure from the next resistance level.