BNB cryptocurrency trades up $3.77, approximately 1.21% higher going into tomorrow

Binance Coin spiked to $316.22 before dropping back to its pre-spike levels and is now heading towards the close around $314.59.

Binance Coin made an initial breakout above its 10 day Simple Moving Average at $314.81, a potential indicator of a newly emerging bullish phase. Binance Coin is currently trading around the $315.27 Fibonacci resistance level. 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Binance Coin's lower Bollinger Band® is at $302.9, indicating that the market is oversold and fertile for new buyers. Despite this, BNB broke through the $313.07 resistance and climbed $1.52 above it.

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

Other markets are also showing gains as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Ethereum is up 2.21% to $1,911.

At the same time, Dogecoin is down to $0.093, losing $0.002, after closing at $0.095 in the preceding trading session.

This year has been a bright one for BNB after trading as low as $196.72 and going on to appreciate by 27.33% year to date. BNB has a market cap of 49.67 billion with an average daily volume of 653 million.