The Binance token has experienced a significant uptrend in the daily price chart. Moreover, with a surge of 13.76% in its daily trading volume, this altcoin continues to near its gap with Solana (SOL) which currently holds the 4th position.
Amid increased price volatility in the crypto space, will BNB coin price hold its bullish ground and achieve its target price of $800 this year? In this article, we have covered the short-term market sentiment of the 05th largest cryptocurrency by market capitalization.
The Binance price has added 6.45% to its portfolio in 24 hours, with a trading volume of $2.766 billion. With this, the altcoin has maintained its value above its crucial support zone of around $600 in the 1D time frame.
The EMA 50-day has constantly supported the BNB price chart in the daily time frame. Moreover, with its 200-day trendline recording a bullish rise, the Binance token may continue gaining value this week.
Further, the Relative Strength Index (RSI) has successfully retested its neutral point, with its average trendline experiencing a bullish crossover in the daily time frame. This underscores a bullish stance for the altcoin.
If the market favors the bulls, the Binance price will retest its all-time high of $720.60 during the upcoming time. Maintaining the price above that level could set the stage for it to head toward its upper price target of $800.
On the contrary, if a trend reversal occurs, the BNB coin price will retest its important support zone below the $635 mark. Further, if the bears dominate the cryptocurrency market, this could result in this altcoin plunging toward its lower support of $550 this year.
Curious to find out if BNB price will hit $1000 in 2024? Read CoinPedia’s Binance Price Prediction and also subscribe to us to stay updated on the latest cryptocurrency news first!
With an intraday surge of ~5%, the BNB coin is currently valued at $658.61.
If the bullish sentiment sustains, the Binance coin price could surpass the $2,000 mark by 2030.
With a YTD return of over 108%, this altcoin is back in the radar of the top crypto investors.
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