Even though the cryptocurrency industry is experiencing tremendous valuation volatility, the BNB coin price continues to trend neutral, indicating waning investor interest in BNB coin.
The BNB coin price traded in a closed range between $238 and $255 for a short period of time, after which the market gained momentum and the price broke out of the range.
However, the rally was short-lived as the price was rejected at $272 and the price then traded sideways for about a week. After several attempts, the bulls regained their strength and the valuation soared by 25%.
Binance Coin price was rejected at $340, after which the price lost momentum and traded in a closed range between $310 and $329 for some time.
After several attempts, the market lost momentum and the price recorded a correction of around 6%.
Since then, the price has been trading in a closed range between $290 and $310, indicating weak buying and selling pressure for the coin in the market.
Can BNB price regain its value?
The Relative Strength Index (RSI) indicates a neutral trend as the averages continue to record a sideways trend. This highlights the uncertainty about the coin’s future price movements.
If the bulls push BNB price above the resistance level of $310.6, the price will soon regain momentum and test the upper resistance level of $329.4. Holding the price at this level will set the stage for Binance Coin price to test the $340 resistance level.
Conversely, if the market fails to gain strength, the price will lose momentum and move lower to test the $298 support level. Moreover, if Veras continues to dominate the market, it will be prepared to test the lower support level of $290 in the future.