The BNB coin price has achieved a new ATH of $793.35 with an intraday surge of over 20%. Moreover, with a surge of ~150% in its daily trading volume, this altcoin is currently exchanging hands at $769.88.
With Binance coin price recent surge, will this crypto token dominate the altcoin market rally this month? Lets us understand the market sentiments and short-lived Binance (BNB) coin price analysis through this article.
The BNB coin price has surged ~19% in 24 hours with a trading volume of $5.777 billion. This has resulted in this altcoin recording a new ATH for the second time this year. Further, highlighting a strong bullish sentiment in the crypto market.
Further, the SMA indicator constantly supports the BNB price chart in the 1D time frame. This highlights increased buying-over-selling pressure for the BNB token in the cryptocurrency market.
The Moving Average Convergence Divergence (MACD) has recorded a sharp rise in the green histogram with its averages showing a similar price trend, indicating that the 06th largest crypto token may continue gaining value in the coming time.
If the crypto market continues gaining momentum, the Binance price may achieve the $800. Maintaining the price above that level may result in it retesting its all-time high (ATH) of $100 in the coming time.
On the contrary, in case of a bearish reversal, the BNB coin price could retest its support level of $720. Moreover, with increased bearish sentiment, this altcoin could plunge toward its lower support level of $635.
Concerned about the long-term price sentiment of the BNB token? Read CoinPedia’s Binance Coin Price Prediction. Also, subscribe us to stay updated on the latest cryptocurrency news!
At the time of writing, the value of one BNB token was $769.88.
For this altcoin to achieve this price target, it will require a surge of 29.89% in valuation.
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