The Crypto Market’s Rollercoaster Ride
The cryptocurrency industry is witnessing significant price fluctuations, with top tokens achieving new highs. Following Bitcoin’s recent all-time high (ATH) surpassing $71,000, the market braces itself for a week of potential volatility.
Binance Coin’s Impressive Performance
Meanwhile, BNB (Binance Coin) has regained momentum after a brief period of neutral trend. Over the last 30 days, BNB has surged by an impressive 58.35%, marking a year-to-date (YTD) increase of approximately 70%.
Binance Coin Price Reaches $500
The BNB coin traded within a confined range of $315.4 to $348.5 before experiencing a bullish breakout. Subsequently, the price fluctuated between $348.5 and $371.4 for the next seven days.
As market volatility increased, the bulls regained control, leading to a 10.2% valuation jump. Over the following twelve days, BNB continued its upward momentum, adding around 13.86%. However, the bulls faced resistance at the upper levels, resulting in a 12.17% loss.
After testing the support level at $371.4, Binance Coin started trading under a bullish influence, recording a remarkable 43.32% increase in its portfolio. The price faced rejection at $532, leading to a neutral trend in the chart.
Technical Indicators and Predictions
The Relative Strength Index (RSI) remains above the overbought range, indicating increased buying pressure in the crypto market. Additionally, the averages suggest a potential bullish convergence, hinting at further value gains in the near future.
Future Outlook for BNB Price
If the market pushes the price above the resistance level of $532, the bulls are likely to regain momentum and test the upper resistance level of $550. A successful hold at that level could set the stage for Binance Coin to attempt testing its resistance at $575 in the coming period.
Conversely, if bears overpower the bulls, the price may lose momentum and fall to test the support level of $498. Continued bearish dominance could lead to a further plunge, preparing to test the lower support level of $463.
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