BNBB/USD is slugging out price within a short-term battle of sentiment early today. After trading above the 300.0000 mark only a few days ago, Binance Coin has dropped in value and is hovering near an important support level. Junctions between 252.0000 and 248.0000 could prove to be instrumental regarding sentiment for traders. Intriguingly, while Bitcoin and Ethereum traded near highs during the weekend, BNBB/USD didn’t match the price action higher, but it has stumbled early this morning like other major digital currencies.
However BNBB/USD was trading near the 215.0000 level early in March and has been able to incrementally increase its value and support levels. If the 250.0000 mark proves to be vulnerable it could make speculators nervous and cause the perception that technically the junctures of 240.0000 to 230.0000 could be tested below. Like other digital currencies, Binance Coin can move very fast and traders need to protect against swift changes in value by using risk-taking tactics that offer protection via stop losses.
Although the broad cryptocurrency market has seen some downward price action early this morning, trading sentiment early this weekend was rather exuberant and a handful of digital currencies tested one-month highs. Intriguingly, the high values seen via BNBB/USD on the 11th of March, which tested prices near the 315.0000 mark, also came within sight of highs made in the third week of February.
The current price range of BNBB/USD will likely prove to be important in the cryptocurrency marketplace as a barometer of sentiment. If the current values above the 255.0000 level for BNBB/USD can be sustained near term, it may signal that another move higher will develop.
Traders of Binance Coin may want to remain buyers within the current price vicinity of BNBB/USD and look for upside movement. If the cryptocurrency marketplace is merely seeing some momentary profit-taking by traders who are cashing in some winning positions, it could mean that buying may begin to reignite and the rather significant bullish trend within BNBB/USD may test highs seen only a few days ago once again.
Speculators need to use risk management wisely with BNBB/USD and calculate the use of leverage and its capabilities astutely. BNBB/USD is a highly regarded cryptocurrency because of its use within the Binance trading environment, but it certainly remains volatile. Going long BNBB/USD at its current values on slight pullbacks towards support may prove to be attractive short term.
Binance Coin Short-Term Outlook:
Current Resistance: 274.0000
Current Support: 248.0000
High Target: 298.0000
Low Target: 218.0000
