Binance Coin price analysis shows a comeback on the cards for the token, as price continues to stabilise around the $327 mark in a sideways trend. Price dropped from $339 at the end of April and has since shown little evidence to propel upwards. However, as the current trend takes shape, a test of the $330 resistance could be expected. Meanwhile, support for BNB continues to sit at $322, with trading volume picking up over the past 24 hours and market cap rising up to $51,039,275,060.
The larger cryptocurrency market shows hefty increments made across the board over the past 24 hours, as Bitcoin moved past the $29,500 mark with a 3 percent jump, and Ethereum moved up to $2,000, incurring 6 percent. Among leading Altcoins, Ripple moved to $0.46 with a 2 percent increment, while Cardano took a 3 percent jump to move up to $0.39. Meanwhile, Dogecoin and Polkadot rose by 2 and 5 percent, respectively.
Binance Coin price analysis: RSI shows increasing market valuation on daily chart
On the 24-hour candlestick chart for Binance Coin price analysis, price can be seen forming a consolidating pattern after the 12 percent decline from the $340 mark at the start of the month. With the current trend taking a sideways shape, BNB price could test resistance at $330 over the coming 24-48 hours. At current price, the coin sits just below the crucial exponential moving average (EMA) figure at $327, while price also sits under the 9 and 21-day moving averages on the daily chart.
The 24-hour relative strength index (RSI) can be seen heading upwards after a brief horizontal spell. The RSI shows decent market valuation for Binance Coin at a value of 50. Moreover, the moving average convergence divergence (MACD) curve continues to show a bearish divergence in place, with the trend line hovering away from and below the signal line.
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