The bullish week in the crypto market has resulted in a minor uptrend for Binance Coin. BNB coin had fallen to corrections after a price rally previously. The current week could be a repeat of that. At the time of press, the cryptocurrency stands at a price level of $313. The price of BNB coin has increased by 3% while the weekly gain is at 11%. The trading volume of the fourth largest cryptocurrency has fallen by 5%.
BNB technical analysis
The market sentiment of Binance Coin is neutral as the bullish momentum has decreased. Nine of the total twenty-six technical indicators are standing at a neutral and buy position each while the rest of the eight are indicating a sell position. The oscillators are neutral while the moving averages continue to be bullish.
Binance Coin has been trading in a triangular formation – as identified by a trader’s analysis. The recent bullish momentum in the market has resulted in the cryptocurrency breaking out from the formation. BNB coin may continue on a possible upward trajectory if the bullish divergence does not die down. However, many various resistance levels lie ahead for the cryptocurrency. The first immediate resistance is at a price level of $325 followed by $340. The final price target for BNB coin is at $380.
Binance Coin future outlook
BNB coin is expected to have a positive outlook for the future primarily because of Binance Smart Chain. The underlying technology and mission/vision is what makes or breaks a cryptocurrency. Binance Coin powers the Binance Smart Chain which is an improved copy of the Ethereum blockchain. Hence, BNB is going to be more relevant when BSC’s technology boosts it. According to the estimates of Wallet Investor, BNB is expected to climb towards $657 in a year’s time while the five-year projection places the cryptocurrency at $2,000. Digital Coin Price predicts the cryptocurrency will reach $1,120 by 2026.