Highlights:
- BNB price has increased by 3.61% in the last 24 hours, trading at $726.10.
- Speculation surrounds Binance selling BTC and ETH to buy BNB.
- The MyShell IDO launch on Binance Wallet contributes to the price rise.
BNB price, the native token of the Binance Smart Chain, also BSC, has topped the broader cryptocurrency market over the past 24 hours and this week.
The BNB coin has successfully reclaimed a crucial resistance level of $700, where currently it is trading at $726.10.
This impressive performance is strengthened by a remarkable 89% surge in daily trading volume, per CoinMarketCap. Also, some key factors drove the BNB price higher.
These factors include online chit-chat that Binance potentially selling its Bitcoin (BTC) and Ethereum (ETH) holdings to acquire more BNB, as well as the launch of an Initial DEX Offering (IDO) project on the Binance Smart Chain.
Moreover, despite an overall market decline, BNB price has maintained its upward momentum, actively approaching significant resistance levels. The perception that Binance is favoring BNB could enhance trust and attract more investment in the token.
However, it’s important to note that official statements from Binance on X have clarified these actions as strategic asset management rather than outright sales.
Notably, another significant factor contributing to the BNB price surge is the launch of the MyShell IDO on the Binance Wallet.
Therefore, with this recent uptick in BNB price, the obvious question that arises is whether the native token will lead the altcoin market rally this month? Keep reading to know more.
BNB Price Has Reclaimed $700 Mark On Daily Chart
As per recent data when writing, the price of Binance coin has increased by 3.61% in the last 24 hours, accompanied by a trading volume of $3.83 billion. Over the past week, the BNB price has surged by 26.82%, indicating a notable uptick in bullish activity.
In a broader context, BNB crypto has gained 4.95% over the past 30 days and boasts a Year-to-Date (YTD) return of 2.99%, according to TradingView performance data.
As reported by the CoinMarketCap website, it has a market cap of $100.39 billion, by which BNB crypto now holds the fifth position in the cryptocurrency rankings and commands a market dominance of 3.16%. The BNB crypto is just below XRP, which has a market cap of $140 billion.
Moreover, its technical indicators for BNB crypto also show promising signs. The RSI, for instance, has successfully retested its oversold range on the daily time frame, and it is leading to a sharp rise toward the overbought range.
Currently, the RSI stands at 65.33. It indicates increased buying pressure while still leaving room for further upside before reaching heated overbought territory.
Similarly, the EMA bands (20, 50, and 200 days) have been pierced, and it has now transitioned from resistance to dynamic support for the price. BNB price has also broken through a downward trendline that has been in place since last month of 2024.
Likewise, both the AO and the MACD histograms are showing green, with a bullish cross evident in the MACD indicator. It is also reinforcing the asset’s bullish sentiment.
Additionally, the CMF has surged significantly from the zero level to 0.27, indicating substantial money inflow now present into BNB coin. This suggests that the price may continue to appreciate in the near future.
How Much BNB Price Could Rise In 2024?
BNB price initially experienced a steady downtrend, followed by a sharp decline in early February that tested support near the 200-day EMA. However, buyers quickly stepped in, driving prices back toward the descending trendline.
With BNB now having cleared this trendline, technical projections indicate ambitious targets ahead.
BNB coin has succeeded in breaking its immediate resistance level of $720, if the bullish sentiment persist, this could propel the crypto towards its upper resistance levels of $750, $800, and even $970 in upcoming sessions.
Conversely, if a trend reversal occurs, the Binance coin could retreat toward its critical support trendline at $635. Additionally, if bearish sentiment takes hold in the crypto space, the BNB may drop to its low of $600.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
