Binance token rose 6% after the Fed’s policy decision
BNB remains on an uptrend despite the recent knocks in crypto
BNB could face resistance at $288 but remains on course to hit $327
BNB trades at $267 as of press time. That was after catapulting by more than 6% after the Fed hiked rates by less than expected level. While we consider the gains widespread across the sector, BNB could be an exception.
As the markets cooled down ahead of the Fed decision, BNB held important support of $257. Later, the token surged higher above the support, maintaining a clear uptrend. The uptrend could be of interest to bulls who have been looking to take the token higher.
BNB trades higher as bullish momentum strengths above $257 support
Source – TradingView
On the technical outlook, BNB is trading on a system of higher highs and higher lows. The cryptocurrency has been trading on the same uptrend, which started in mid-June. The token has maintained above the 14-day and 21-day moving averages. The MACD indicator is also bullish on the cryptocurrency.
At the current level, BNB has set $257 as the reference support, with the next level at $288. As the crypto sentiment improves, BNB will likely hit the $288 resistance in a few days. That would set it on course to reach $326 in the next few weeks if it clears the $288 level.
BNB maintains an uptrend after the Fed’s rate hike. The token has held an important $257 support. The improved crypto sentiment is positive for Binance as trade volumes on the exchange grow. We feel BNB will rise to $327 as the bullish momentum remains strong. The token will find resistance at $288. The token is a buy for both the short and medium-term.
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Francis Chinedu is a Nigerian-born digital marketing specialist, a bitcoin and blockchain enthusiast, and a YouTuber who enjoys covering events that empower young Africans, especially in technology.