Binance Coin cryptocurrency trades up $5.15, approximately 2.18% higher this afternoon

Binance Coin trades at $241.84 after gaining $5.15 (2.18%).

Binance Coin made an initial breakout above its 3 day Simple Moving Average at $240.5, a potential indicator of a newly emerging bullish phase. In contrast, BNB could be slowing down soon as it approaches resistance at $246.6. Of course, crossing it might suggest further gains are ahead.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts Binance Coin to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the BNB is expected to pick up significant bullish sentiment in the coming days.

Other markets are also showing gains as FTX Token rallies 9.54% to trade around $1.36. Having closed the previous session at $4.74, UNICORN Token USD is up 14% today to currently trade at around $5.4.

At the same time, after ending today's session at $214.31, Bitcoin Cash lost $12.31 and is trading around $202.

Binance Coin has shed 26.58% over the past three months. Binance Coin is currently trading with a market cap of 37.69 billion with an average daily volume of 607.86 million.