BNB price recorded a weekly increase of 25.59%! Will Binance Coin rise 50% this month?
The cryptocurrency industry continues to record tremendous price action as elite tokens continue to hit new highs. The market is expected to see a volatile week as the price of Bitcoin successfully hits an all-time high (ATH) above $71,000.
On the other hand, the BNB coin price successfully regained momentum after briefly showing a neutral trend. Binance Token is up more than 58.35% in the last 30 days and is around 70% YTD.
Binance Coin price has recovered to $500!
The Binance Coin price traded in a closed range between $315.4 and $348.5 for some time, after which the bulls gained momentum and the price successfully broke through the resistance level. The price then traded between $348.5 and $371.4 over the next seven days.
As market volatility increased, the upward trend gained momentum again, recording a 10.2% increase in value. Afterwards, the BNB token continued to gain momentum, adding approximately 13.86% over the next 12 days. The bulls lost momentum after facing multiple rejections at resistance levels.
BNB price tested support levels after recording a 12.17% loss in value. After testing a low of $371.4, Binance Coin continued to trade under the influence of strength and added over 43.32% to the portfolio before being rejected at $532. Since then, the price has been showing a neutral trend on the charts.
The Relative Strength Index (RSI) continues to trade above the overbought range, indicating increasing buying and selling pressure in the cryptocurrency market. Moreover, the average is likely to converge bullishly, which suggests that the price will continue to gain value in the future.
Will BNB price rise?
If the market pushes the price above the resistance level of $532, the bulls will regain momentum and test the upper resistance level of $550. Additionally, if the uptrend maintains at that level, it will set the stage for Binance price to test the $575 resistance level in the future.
Negatively, if the bears overwhelm the bulls, the price will lose momentum and move back to test the support level of $498. Moreover, if bears continue to dominate the market, they will move lower and prepare to test the lower support level of $463.