Binance coin remained range-bound for most of the week. As a result, no significant price improvement has been registered on the weekly scale. It is printing a doji on this scale.
The most recent trend shows notable improvement from the previous week. During that session, the asset dropped to a low of $536. However, it closed at $592, indicating a significant recovery attempt.
BNB’s current price trend shows a significant demand concentration at $580. It held on to the mark over the last three days.
Nonetheless, the asset will see more activity in its ecosystem this week. A few days ago, Binance announced its 54th project on its Launchpool: Notcoin (NOT). Users will be able to stake their BNB and FDUSD into separate pools to farm the token starting May 13th. According to the announcement, the project webpage will go live on May 12.
The latest development will get both traders and enthusiasts in a frenzy to stock up on BNB and partake in the staking.
Binance Coin Price Outlook
BNB is trading above its 50-day EMA, which suggests it is maintaining its uptrend. The chart also shows it edging close to $600, as its prices remain at $594. Nonetheless, several indicators are pointing to the coin seeing increases.
The moving average convergence divergence is printing buy signals. The 12-day EMA is in contact with the 26-day EMA, completing the bullish convergence. With a divergence on the horizon, the coin will look to continue its uptrend.
Currently trading at $594, the Fibonacci retracement levels point to the coin gaining stability above the 38% Fib level at $595. Climbing above the mark will offer an accumulation phase for the Binance coin, which will look to test $615.
Nonetheless, the pivot point standard points to BNB climbing as high as its first pivot resistance at $634. While doing this, the bulls will also defend the pivot point at $574.
