The market buying pressure in the cryptocurrency industry has increased over the past weekend, highlighting the increase in price action. Moreover, the market leader Bitcoin price has surpassed the $66,000 mark after Bitcoin halving, indicating a positive outlook in the cryptocurrency space.
Moreover, the BNB token has surged by about 5% in 24 hours and 4.37% in the past 7 days. On the positive side, the Binance Coin price has seen a bullish trend.
After showing weak price action in 2023, the BNB token price has successfully started a bullish trade in 2024, indicating a growing investor interest in this altcoin. Moreover, before facing a rejection at the overhead resistance, the Binance Coin price has risen by more than 104% this year alone, from $311 to $635. (Click on the avatar to see the introduction)
Since then, the price has been trading in a comprehensive range between $506.5 and $635. On the positive side, Binance coin has shown a strong bullish reversal in the charts after halving, highlighting its highly likely positive outlook in the coming period.
The Relative Strength Index (RSI) has crossed above the midpoint, indicating a bull run for BNB coin in the cryptocurrency industry. Moreover, the moving averages are showing a bullish convergence, suggesting that the price will continue to appreciate in the coming period.
Will BNB Price Rise?
If the bulls continue to trade on the positive influence, BNB price will continue to rise and test the $635 resistance level in the coming weekend. Sustaining the price at this level will set the stage for Binance coin to attempt to test its new high of $690.93 mark in the next month.
On the negative side, if BNB coin experiences a bearish trend reversal, the price will lose momentum and drop to test the $569 support level. Moreover, if the bears continue to dominate the market, the market will plummet and be ready to test the lower support levels.
Since then, the price has been trading in a comprehensive range between $506.5 and $635. On the positive side, Binance Coin has shown a strong bullish reversal in the charts after halving, highlighting its highly likely positive outlook in the coming period.
The Relative Strength Index (RSI) has crossed above the midpoint, indicating a bull run for BNB coin in the cryptocurrency industry.Furthermore, the moving averages show a bullish convergence, suggesting that the price will continue to appreciate in the coming period.
Will BNB price rise? (Click on the avatar to see the introduction)
If the bulls continue to trade under the positive influence, the BNB price will continue to rise and test the $635 resistance level in the coming weekend. Sustaining the price at this level will lay the foundation for Binance Coin to try to test its new high of $690.93 mark in the next month.
On the downside, if the BNB token experiences a bearish trend reversal, the price will lose momentum and fall to test the $569 support level. Moreover, if the bears continue to dominate the market, the market will plummet and be ready to test the lower support levels.
