After minor losses in the previous meeting, the price of Binance manages to stay over $400. As of 1st March, Binance’s price stabilized below $420 after reaching a high of $424. The bearish sloping line and the 200 EMA function as dual punches for the purchasers. The prices need to cross the two levels with the above-average volume to maintain the profits.
Weekend Binance price trades in a narrow range. Above the falling trend line, look for further rises beyond $450. The 50-day Exponential Moving Average (EMA) is a short-term support level. Binance currently trades at $412.89, which is up by 0.56 percent. Binance is also the 4th greatest coin by market capitalization, valued at $1,418,907,326.
Binance’s Value has Stabilized Ahead of a New Surge
BNB/BUSD. Source: TradingView.
The Binance price is battling around the $420 line on the trendline, as it’s unable to break beyond its last time achieved highs on 1st March. About $350 has been identified as a stable support level. A 31 percent increase in Binance’s price from its February downtrend brought it to the latest swing upside.
A convincing break over the negative sloping line now faces the critical 200 EMA at $431 as the first hurdle. A drop underneath the 50-day EMA, on the other hand, would undermine the coin’s positive perspective. The Binance price will return to the $360 horizontal support level.
Competitors Facing Stiff Competition from Binance Smart Chain
Undoubtedly, the ETH-killer smart contracts blockchain can accomplish what it was set out to accomplish. In February, BSC beat the cryptocurrency industry giant Ethereum in transaction volume. Compared to Ethereum’s 32,740,000 transactions, BSC had a 378 percent growth in transactions, reaching 156,500,000.
Likewise, the NFT environment at the Binance Smart Chain has been thriving. NFT sales have surpassed the former monthly ATH in March. Binance Smart Chain NFT monthly sales volume topped $1,200,000 in March this year, a rise of 1,180 percent since January.
- RSI: The everyday Relative Strength Index is at 58, with the average line rising upwards. The fundamental bullish trend may be seen here.
- MACD: The Moving Average Convergence Divergence has a neutral trend and lingers over the midpoint.
- Trading volume: Since the February downtrend, the Price Volume Trend indicator has steadily increased.