Despite increased price volatility, the BNB price displayed a neutral trend for a brief period, indicating uncertainty in the future price action of this crypto token. However, the Binance (BNB) token continues to display a significant uptrend in its portfolio over the past few weeks, highlighting an increase in the investor’s inflow in this digital asset.
The Binance coin price has added over 14% within the past 24 hours, making it one of the top gainers of the day. Further, the BNB token has added 88.46% within the past 30 days, and the current YTD of this token stands at almost 100%.
Binance Coin Price Successfully Reclaims $600 Mark!
The Binance price traded in a narrow space between $348.5 and $371.5 for a brief period, indicating weak buying and selling pressure for the altcoin in the market. As the market volatility grew, the bulls gained enough momentum to break out of the resistance level.
After this, the BNB coin price traded in a closed range for the next nine days. The bulls then successfully broke out of the resistance level and added approximately 29% in valuation before facing rejection at the resistance level of $543.5, following which the price displayed a neutral trend for a while.
Recently, the bulls successfully regained momentum and recorded a jump of 18.56%, resulting in it reclaiming the $600 mark for the first time since 19th November 2021. The BNB token recorded a high of $631 before facing rejection. Since then, the price has been displaying a sideways trend.
The technical indicator, MACD, displays a constant green histogram, indicating a strong bullish influence in the crypto industry. Further, the averages show a significant rise, suggesting a positive price action for the altcoin in the coming days.
Will BNB Price Continue Rising?
If the market pushes the BNB price above the resistance level of $631, the bulls will regain momentum and test its upper resistance level of $675. Maintaining the price at that level will set the stage for the Binance token to attempt to test its new high of over $700 this month.
Conversely, a bearish trend reversal may pull the price toward its support level of $581. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $543.5.
