As the bitcoin price records a new high every day, the altcoin market has experienced a similar price action by adding significant value to their portfolio this week. With this, the Binance price is less than 20% from hitting a new high.
Will the BNB price continue trading under a bullish sentiment and achieve a new all-time high (ATH) this year? Find out as CoinPedia’s expert panel has forecasted a possible price analysis just for you!
With a jump of ~4% in valuation over the past seven days, the Binance token continues hovering close to its crucial watch zone around the $600 mark. Notably, with a market cap of $86.012 billion, the altcoin is currently listed at 5th position.
The Moving Average Convergence Divergence (MACD) has recorded a constant decline in the red histogram with its averages showing a bullish crossover. This suggests that the altcoin may continue gaining value in the coming time.
Further, the SMA indicator has experienced a similar price trend by recording a positive convergence. This highlights increased buying-over-selling pressure for the BNB coin price in the market.
If the crypto market continues trading on a bullish note, the Binance price may breach its crucial resistance zone and retest its trendline of $635. Maintaining the price above that level may result in it retesting its all-time high (ATH) of $720.60 in the coming time.
On the contrary, in case of a bearish reversal, the BNB coin price could retest its support level of $543. Moreover, if the bearish sentiment intensifies, this altcoin could plunge toward its lower support level of $454.51.
To understand the possibilities of the BNB token achieving the $1,000 mark, Read Binance (BNB) Price Prediction!
With the fear and greed index turning greedy with a 72 index score, this altcoin may continue to rise this week.
The crypto market has recorded a constant rise in valuation this week, indicating an increase in adoption. This may result in this altcoin retesting its upper high.
If the bullish momentum sustains, the Binance price could potentially achieve a new high this year.
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