Despite the increased price volatility, BNB price has been trending neutral for a short period of time, indicating uncertainty about the future price action of this cryptocurrency token. However, the Binance (BNB) token continues to see a significant upward trend in the portfolio over the past few weeks, highlighting the increased investor inflows into this digital asset.
Binance Coin price has risen more than 14% in the last 24 hours, making it one of the best gainers of the day. Additionally, BNB token has added 88.46% in the last 30 days and the current YTD of this token is close to 100%.
Binance Coin price successfully recovered $600!
Binance price traded in a narrow space between $348.5 and $371.5 for a short period of time, indicating weak buying and selling pressure for the altcoin in the market. As market volatility increased, the bulls gained enough momentum to break through resistance levels.
Afterwards, the BNB coin price traded in a closed range for 9 days. The bulls then successfully broke the resistance level and added about 29% valuation before facing rejection at the resistance level of $543.5, after which the price trended neutral for some time.
The recent uptrend successfully regained momentum and recorded a surge of 18.56%, reclaiming the $600 level for the first time since November 19, 2021. The BNB token hit a high of $631 before being rejected. Since then, the stock price has been trending sideways.
MACD, a technical indicator, displays a persistent green histogram, indicating a strong bullish influence in the cryptocurrency industry. The averages also show significant gains, suggesting positive price action for altcoins in the coming days.
Will BNB price continue to rise?
If the market pushes BNB price above the resistance level of $631, the bulls will regain momentum and test the upper resistance level of $675. Maintaining the price at this level would set the stage for Binance Token to test new highs above $700 this month.
Conversely, a reversal of the bearish trend could push the price up to the support level of $581. Moreover, if bears continue to dominate the market, they will move lower and prepare to test the lower support level of $543.5.