BNB/USD is showing signs of speculative buying, and in early trading today broke through the 400.0000 juncture and has shown the ability to sustain price.
BNB/USD has moved higher in early trading this morning and has pushed through an important resistance level. Binance Coin is trading above the 404.0000 mark as of this writing and is within shouting distance of highs seen the first week in March. After suffering a late Sunday night reversal lower, BNB/USD has risen in a steady fashion.
The trading results in BNB/USD have mirrored the broad cryptocurrency market too, after touching support levels in early trading on Monday Binance Coin pushed higher and has essentially climbed incrementally. While nervous speculative sentiment certainly still exists in cryptocurrencies, taking into consideration the bearish trend which has flourished the past five months, signs of life to the upside are starting to appear technically.
Conservative speculators of BNB/USD may want to see additional gains before they attempt to jump into buying positions, but the ability of Binance Coin to pass the 400.0000 mark early this morning and not suffer a setback is noteworthy. In the short term, if BNB/USD can sustain its value above the 403.0000 this could be interpreted as a bullish indicator.
While support levels of 402.9000 to 402.5000 are nearby, if they can be maintained and the broad cryptocurrency market remains steady this may attract more speculative buying. An optimistic digital asset marketplace is important for Binance Coin because the cryptocurrency is used to make many transactions on the Binance exchange. If trading volumes continue to increase throughout the broad crypto market, this will help BNB/USD, particularly if nervous sentiment begins to erode.
Certainly, BNB/USD has suffered from a downward trend the past handful of months, but current value is beginning to test important mid-term highs seen in the middle of February. Volatility can flare up at any moment, but for aggressive and optimistic bullish traders a clear sign that BNB/USD is about to embark on a solid move higher may be the notion that the 415.0000 price realm is nearby. If early March junctures can be surpassed, this could attract more buyers who may have their confidence bolstered.
For the time being buying BNB/USD and looking for quick hitting trades may prove to be the best tactic. Limiting risk by using close stop loss orders to protect against ‘wrong’ direction is important, but if the current price levels of Binance Coin manage to stay steady, the logical choice for wagering appears to be on upside price action in the near term.
Current Resistance: 407.5000
Current Support: 402.9500
High Target: 416.9000
Low Target: 396.7500