BNBB/USD has traded within a fairly consolidated value band the past week of trading. However technically Binance Coin has demonstrated an ability to incrementally raise support levels. Although prices for BNBB/USD are still within a middle ground while taking a look at a one month chart, observers may be inclined to believe a slight bullish trend in recent trading will continue.
The broad cryptocurrency market has maintained a rather steady price range among the heavyweights. Volatility will certainly be seen again and intriguingly this may entice speculators who believe the current consolidated cycle of trading will end sooner rather than later. It is only a question of time as to when digital currencies will see another breakout. The question that traders need to consider is the direction BNBB/USD and the other cryptocurrencies will take near term.
The bullish cycle within BNBB/USD has been exhibited along with its major counterparts. Technically the trading for Binance Coin is still below highs achieved on the 10th and 11th of March when BNBB/USD challenged the 300.0000 mark, but given the amount of potential volatility within cryptocurrencies, today’s current value around the 265.0000 mark looks relatively healthy. If support around the 260.0000 to 255.0000 can be sustained it may prove attractive for traders who believe another leg up is going to emerge.
BNBB/USD has demonstrated a rather strong range between 242.0000 and 285.0000 since the 7th of March with a couple of tests higher on occasion. The ability of BNBB/USD to sustain its value above important support levels may begin to produce a healthy dose of buying speculation among traders who are anticipating another surge upwards.
Traders should use their risk taking skills appropriately and have limit orders working within BNBB/USD and not be lulled to sleep by the rather calm trading seen the past week. Experienced speculators within cryptocurrencies know that volatility can be sparked at any moment and it is wise to protect against sudden spikes.
Buying BNBB/USD on slight pullbacks which approach nearby support levels may prove to be a worthwhile speculative wager near term. If current support levels are maintained traders may target resistance levels above as legitimate bullish endeavors.
Binance Coin Short-Term Outlook:
Current Resistance: 268.0000
Current Support: 261.0000
High Target: 277.0000
Low Target: 249.0000
