As the bitcoin price records a new high every day, the altcoin market has experienced a similar price action by adding significant value to their portfolio this week. With this, the Binance price is less than 20% from hitting a new high.
Will the BNB price continue trading under a bullish sentiment and achieve a new all-time high (ATH) this year? Find out as CoinPedia’s expert panel has forecasted a possible price analysis just for you!
Make or Break Situation For BNB Coin Price?
With a jump of ~4% in valuation over the past seven days, the Binance token continues hovering close to its crucial watch zone around the $600 mark. Notably, with a market cap of $86.012 billion, the altcoin is currently listed at 5th position.
The Moving Average Convergence Divergence (MACD) has recorded a constant decline in the red histogram with its averages showing a bullish crossover. This suggests that the altcoin may continue gaining value in the coming time.
Further, the SMA indicator has experienced a similar price trend by recording a positive convergence. This highlights increased buying-over-selling pressure for the BNB coin price in the market.
Will BNB Price Hit A New High Post Tokenization?
If the crypto market continues trading on a bullish note, the Binance price may breach its crucial resistance zone and retest its trendline of $635. Maintaining the price above that level may result in it retesting its all-time high (ATH) of $720.60 in the coming time.
On the contrary, in case of a bearish reversal, the BNB coin price could retest its support level of $543. Moreover, if the bearish sentiment intensifies, this altcoin could plunge toward its lower support level of $454.51.
To understand the possibilities of the BNB token achieving the $1,000 mark, Read Binance (BNB) Price Prediction!
FAQs
Will the BNB price go up?
With the fear and greed index turning greedy with a 72 index score, this altcoin may continue to rise this week.
Will Binance Price Breach Its Crucial Resistance Zone?
The crypto market has recorded a constant rise in valuation this week, indicating an increase in adoption. This may result in this altcoin retesting its upper high.
Will BNB Price hit $800 this year?
If the bullish momentum sustains, the Binance price could potentially achieve a new high this year.
