BNB cryptocurrency trades up $1.32, approximately 0.43% higher this afternoon

BNB trades at $310.05 after gaining $1.32 (0.43%).

Binance Coin made an initial breakout above its 5 day Simple Moving Average at $310.82, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $308.8 currently serving as resistance. If broken, the next Fib hurdle is expected to be $318. Binance Coin's lower Bollinger Band® is at $304.22, indicating that the market is oversold and fertile for new buyers. In contrast, Binance Coin broke through the $309.93 resistance and climbed 11 cents above it.

Binance Coin continues to move higher with technical analysis indicating the trend will continue in the short term.

This year has been a bright one for BNB after trading as low as $196.72 and going on to appreciate by 25.18% year to date. Binance Coin is currently trading with a market cap of 48.32 billion with an average daily volume of 654.82 million.