Binance Coin (BNB) sparked another price surge last week after undergoing a critical technical test. With Bitcoin stalling above $66,000 and BNB suddenly surging above $600, the top exchange token looks set to retest key upper resistance levels soon.
After falling back last year, BNB spent quite some time around the $300 support. However, this sideways price action has recently given way to a new uptrend. Last week, BNB also surpassed the $600 level to reach $618 before falling to its current price.
Binance Coin is currently trading at around $588, having gained 35.4% over the past 30 days. Technical indicators suggest that the asset is overbought. However, current market sentiment seems to favor the continuation of the uptrend rather than a potential short-term pullback.
How high can BNB reach this weekend?
BNB recently broke above the key psychological price level of $600. However, this was short-lived as the price plummeted along with the entire cryptocurrency market capitalization.
Cryptocurrency experts at Changelly have provided their weekend price predictions for Binance Coin, based on the Bank of England’s actions in early 2024.
During this period, it is expected that the average price of the coin might reach $583. During the same period, the lowest expected price is $580, while the highest target price is set at $598.
After concerns about the Binance exchange shook investor confidence last year, the National Bank of England appears to have reawakened the strong fundamental narrative that has supported it since its inception.
After decisively resuming its bullish momentum this week, all eyes are on the next leap forward as Binance Coin hovers around $600. Data from CoinGecko shows that BNB is up 1% in the past 24 hours.
BNB coin is performing well despite the regulatory conflict around Binance globally. The world’s largest cryptocurrency exchange is currently facing scrutiny in Nigeria.