BNB cryptocurrency trades up $1.44, approximately 0.46% higher this afternoon

Binance Coin trades at $312.05 after gaining $1.44 (0.46%).

Binance Coin made an initial breakout above its 5 day Simple Moving Average at $311.92, a potential indicator of a newly emerging bullish phase. Binance Coin's lower Bollinger Band® is at $302.67, indicating that the market is oversold and fertile for new buyers. Despite this, after reaching the known resistance zone beginning at $312.5, Binance Coin price action retreated approximately 45 cents.

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 BNB is expected to pick up significant bullish sentiment in the coming days.

Other markets are also showing gains as FTX Token jumps 9.54% to trade around $1.36. Having closed the previous session at $6.37, UNICORN Token USD is up 1.62% today to currently trade at around $6.47. EOS gained 0.96% and is currently trading at $1.23.

Binance Coin has managed to gain 27.25% so far this year despite trading at lows around $196.72 previously. BNB is currently trading with a market cap of 49.27 billion with an average daily volume of 589.14 million.