The Binance Coin (BNB) has recently seen a remarkable surge, reclaiming its critical $700 mark with an impressive intraday increase of over 11%. Currently trading at $708.10, this surge is coupled with a significant 88% rise in its daily trading volume, which now sits at $3.71 billion. But the real question is: with this newfound momentum, will BNB lead the altcoin market rally this month?
Binance Coin Price Surge
In the last 24 hours, BNB has surged by 11.17%, showing strong bullish momentum. Over the past week, the coin has risen by 21.47%, reflecting an increasing interest in the token. Despite slight fluctuations over the past month, with a 1.19% increase, BNB’s Year-to-Date (YTD) return stands at around 1%, holding a market cap of $99.547 billion, positioning it as the 5th largest cryptocurrency by market capitalization.
Technical Analysis and Market Sentiments
The technical indicators for BNB show promising signs. The Relative Strength Index (RSI) has recently retested the oversold region, triggering a sharp move toward the overbought range. This is further supported by the exponential moving averages (EMA 50/200-day), which show bullish price action in the 1D time frame, signaling that the coin might continue gaining in value in the near term.
What’s Next for BNB’s Price?
Should the bullish trend continue, BNB could easily retest its immediate resistance level at $720. If the sentiment remains strong, a further rally toward $750 is possible. However, if a trend reversal occurs, the coin may fall back to its support level of $635, with a more significant downturn pushing it toward the $600 mark.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Binance vs. SEC Lawsuit Paused for 60 Days: What It Means for Crypto
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