BNB Price Successfully Retests Its Important Support Zone!
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.
Will BNB Price Hit $800 This Year?
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.
