Binance Coin (BNB) is turning out to be one of the biggest gainers in the crypto world on Tuesday, making the most of the upbeat sentiment among investors and up by more than 6% on the day. At the time of writing, BNB/USD is trading at around $318.

Despite the regulatory challenges the world’s largest exchange – Binance, is facing, BNB has been on the climb amid increased activity by traders on the platform. The leading cryptocurrencies are experiencing high levels of volatility, lending hopes that the bearish mood weighing on the wider crypto sector may be waning.

A few days after the UK imposed a ban on Binance, Barclays has started blocking payments to the platform, adding that this move will continue until further notice. What’s interesting is that the news of this ban failed to dip investor sentiment towards the Binance Coin in the first place, with the native token trading flat in the aftermath of the announcement.

Key Levels to Watch

Technical analysis indicates a strong chance that the Binance Coin price is headed towards a breakout towards the upside. On the H4 chart of BNB/USD, we can see that a smaller MA – the 50 SMA is getting ready to meet the larger timeframe 200 SMA, which further supports expectations for more bullishness in this crypto pair.

In addition, most of the moving averages except the larger 200 EMA and 200 SMA are suggesting a bullish bias, as is the MACD indicator. However, a lot depends on the overall market sentiment towards cryptocurrencies and the uncertainty is apparent in the momentum indicator which is pointing to some selling pressure as well.

The price is sitting comfortably above the pivot point at the $299 level and looks set to face its first resistance at $323. A break above this can take the Binance Coin price higher towards $338 where there could be some more pressure from the next resistance level.