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  • Writer's pictureanalysiswatch

Title: BNB Bounces off $300 Support And Looks To Challenge $360

May 25, 2022 04:00AM ET

By: AnalysisWatch

The price of Binance Coin (BNB) recorded an increase of 1.63% to $333.96 in the last 24 hours, according to CoinMarketCap. The price of BNB has also increased at a growth rate of 11.18% in the last 7 days.

The price of BNB is very close to its 24-hour high of $336.67, with its low around $313.55. The price has also gained 0.80% against Ethereum (ETH). At the time of writing, BNB has declined against Bitcoin (BTC) by about 0.84%. Right now, BNB is worth about 0.01111 BTC and 0.1667 ETH.

Ranked #4 on CoinMarketCap's list of the largest cryptocurrency projects by market capitalization, BNB's market cap is currently $54,487,339,659. BNB's daily trading volume has seen a slight decrease of 12.59% over the past few days. This brings the total 24-hour trading volume to $2,044,051,118.

The weekly chart for BNB/USDT shows signs that the outlook for Binance Coin is moving upwards. At the moment, the RSI line is approaching the RSI SMA line. We can confirm that the two-week uptrend in Binance will continue if the RSI rises above its RSI SMA.

However, the price of BNB is approaching the 8 EMA. This line could prove to be resistance. If the price climbs above the 8 EMA, the next target will be the 20 EMA. Only then could the RSI cross above the RSI SMA.

Currently, the BNB price has a support level at $300 and a resistance level at $400

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