On the 9th of April BNBB/USD was trading near 444.0000 and as of this writing today Binance Coin is near 550.0000. On the surface this looks like an outstanding gain, but trading perspective is important because in the past week BNBB/USD has also achieved a high of nearly 640.0000 and obviously reversed a bit lower since this mark was achieved on the 12th of April.
The broad cryptocurrency market remains within a bullish whirlwind and Binance Coin has enjoyed its momentum. While some of BNBB/USD’s major counterparts yesterday attained new highs, the record values seen in the cryptocurrency only a few days ago can be looked upon positively by speculators who may have the perception that the past day of trading has delivered a rather consolidated base to work with.
If bullish sentiment remains strong in the cryptocurrency sector, BNBB/USD certainly will be given plenty of attention by traders. The current price of Binance Coin near 550.0000 could prove a solid inflection point and the support junctures of 535.0000 to 517.0000 could prove to be important. If BNBB/USD continues to show the ability to sustain its value near the 550.0000 level in the short term, this could be a solid indicator additional bullish momentum will flourish.
Speculators may want to see a bit of positive momentum technically develop and be looking at the 570.0000 to 575.0000 marks as targets to decide bullish sentiment will ignite. However, more aggressive traders may look at the current price of BNBB/USD and simply choose to use small pullbacks towards support levels and become buyers of Binance Coin.
BNBB/USD has enjoyed a sincere amount of bullish sentiment the past few months like most major cryptocurrencies. Intriguingly since the beginning of April BNBB/USD has seen a rapid amount of value added, on the 1st of April BNBB/USD was trading near 290.0000 which means Binance Coin has shown the ability to double its value since then, taking into account the highs seen the past couple of days.
Buying BNBB/USD remains a logical choice for speculators. Yes, there are dangers of volatile reversals lower, but Binance Coin may continue to see additional buyers based on current short term technical charts and positive sentiment surrounding the broad cryptocurrency market.
Binance Coin Short Term Outlook:
Current Resistance: 570.0000
Current Support: 534.0000
High Target: 602.0000
Low Target: 517.0000
