BNB cryptocurrency trades up $1.96, approximately 0.8% higher this morning

BNB posts light gains on a low-volatility day, ranging between $243.76 – $246.38 and is now at $246.18.

Binance Coin made an initial breakout above its 5 day Simple Moving Average at $245.44, a potential indicator of a newly emerging bullish phase. On the other hand, note that Binance Coin could be slowing down soon; it is getting close to the resistance line and is now at $251.03, only $4.86 away. Crossing the resistance line could, however, suggest that further gains are ahead.

Overall, looking at the technical analysis landscape, it seems Binance Coin might continue pointing upwards in the short term.

Binance Coin shows positive signs, other assets are also on par: FTX Token is up 9.54%. Bitcoin Cash climbs 4.38% to trade around $189.07. Solana ascends 2% to trade around $17.47.

BNB is now trading 25.32% below its 3-month high of $354.57. Binance Coin is currently trading with a market cap of 38.37 billion with an average daily volume of 609.88 million.