BNBB/USD continues to demonstrate the ability to produce a rather steady price range and is now challenging important resistance.
BNBB/USD is near important resistance in early trading this morning. Binance Coin is traversing just below values it last touched in the second week of March when it demonstrated an ability to create stronger prices and come within shouting distance of highs seen in the middle of February. The recent slump in the broad cryptocurrency market has proven short-lived, and the past handful of days has seen a surge in values again.
Interestingly for BNBB/USD speculators is the notion that the cryptocurrency serves as an underlying barometer for the cryptocurrency market in general because of the Binance exchange. The ability of BNBB/USD to maintain a rather steady price range taking into consideration the often wild fluctuations seen elsewhere in cryptocurrencies may also be welcome by speculators.
Certainly, BNBB/USD is a speculative asset and its values can change rapidly, but the ability of Binance Coin to be less volatile than its counterparts may be more than just idle sentiment. Within the current price levels BNBB/USD is trading, speculators can plainly see high water marks are being challenged. The 280.0000 level has proven decisive the past couple of weeks and has acted as resistance. If this value can be toppled and trading can be sustained above the juncture, traders may believe BNBB/USD has an opportunity to achieve new highs which could approach highs demonstrated from the 9th to the 11th of March when the 300.0000 mark was tested.
BNBB/USD continues to find a healthy amount of speculative trading. The rather strong move short term within the cryptocurrency market may be signaling that another flourish of positive buying sentiment may be ready to be generated. If current resistance levels prove vulnerable, speculators cannot be faulted for having higher targets in sight.
Buying BNBB/USD on slight pullbacks may prove to be a conservative approach for traders. Like all digital currencies, Binance Coin can move fast and a careful choice of leverage must be used when trading. The use of limit orders when speculating on BNBB/USD is also encouraged. However, if BNBB/USD continues to sustain its higher values and the broad cryptocurrency market produces bold sentiment, being an active buyer and simply using stop losses may be the best speculative trade.
Binance Coin Short-Term Outlook:
Current Resistance: 286.0000
Current Support: 270.0000
High Target: 297.0000
Low Target: 263.0000