The Binance Smart Chain has not yet fully recovered, but many transactions suggest significant growth. If the price of BNB broke the resistance at USD 320, it would confirm the recovery of the trend in the short term.
In recent days, Binance Coin (BNB) has generated good profits, which allowed it to reach increasingly high lows. That situation means that the price of the cryptocurrency is regaining its bullish trend.
BNB is currently trading at around USD 334 and has accumulated a gain of about 5% in the last 24 hours. That brought its market capitalization to USD 48.35 billion, according to CoinGecko.
There has been little activity in the Binance Smart Chain (BSC) as BNB has not fully recovered its positivity rate.
However, the more than 3.6 million transactions in the BSC suggest an exponential growth for this relatively young network.
Binance Coin has gained much ground just by being the native token of the largest exchange in the world. That gives the crypto asset a good foundation base.
Besides, there is no reason to think that BNB will remain behind if the firm behind the exchange continues to expand. The newly-born NTF market will attract more attention towards the token as the vehicle for moving within the ecosystem.
Technical Analysis of the Price of Binance Coin
Despite the losses in the last few months, the weekly price chart of Binance Coin indicates the medium-term bullish trend is still intact.
Due to the recent rejection of the support zone near USD 260.72, the exhaustion of the bears is evident. That seems to be pointing to the end of the pullback and the beginning of bullish momentum.
Nobody can still see any relevant bullish strength to confirm that this will be the case. However, touching the resistance at USD 428 will be more likely as long as the support holds at USD 260. Even breaking it will be probable, which confirms the resumption of the medium/long-term trend.
If the price loses that support, the runway will remain clear to at least USD 211. However, it could also mean the beginning of a deeper correction.
The Short-Term Trend Attempts to Become Bullish
The daily chart indicates that BNB has been reaching increasingly high lows and highs following the strong rejection of low prices.
The price of the currency is currently challenging the immediate resistance at USD 320. If it managed to break it, which is the most likely scenario, it would confirm the recovery of the trend in the short term.
That would lead the price of Binance Coin to at least USD 333, just below the next resistance at USD 375. However, the confirmation of the resumption of the higher trend will only occur when it breaks the resistance at USD 428.
Sales will only be possible if the price loses the USD 287 support, which could cause a drop back to USD 260. The low of USD 211 is below that level, which it is unlikely to reach.
By Alexander Salazar
