Binance Coin [BNB] has established itself as a major cryptocurrency over the past few months. The altcoin has been returning 590% to its investors year-to-date as its value escalated from $39.5 to $270.
Nevertheless, the fall that hit the market a couple of days back also impacted BNB’s value as it toppled from $311 to almost $200. As the market was witnessing a recovery period, BNB also climbed higher from this low and was currently trading at $258.39.
Binance Coin [BNB] one-hour chart
Source: BNBUSD on TradingView
Binance coin was once again seen riding a bullish wave as the price moved upward. However, the above chart noted that the digital asset did not witness any wild movement recently, as the price moved along the $236 and $278.
As the market currently lacked the necessary momentum, the price may continue its journey within the abovementioned range in the short-term.
Reasoning
The low volatility of the coin was made visible through the convergence of the Bollinger bands. This indicated that the value of the digital asset was moving within a tight range and a price swing was not visible.
The Relative Strength Index also noted that the traders were equalizing the buying and selling pressure in the current market. The RSI was at 53, which was close to the equilibrium zone.
Meanwhile, the MACD indicator noted slight bullishness emerging in the BNB market as the MACD line crossed over the signal line. This indicated that the price is likely to experience upward momentum. Even though it does, BNB may have to surpass the resistance at $278, to witness a surge in price.
Conclusion
The current chart of Binance coin noted that the digital asset was currently moving sideways and it would require higher momentum for the price to swing. However, bullishness was returning to the market and could lead to another price rally in the long term.
