Amid the ongoing market turmoil, Binance price continues to fluctuate near its resistance/support level of $543, indicating weak price action for the altcoin. However, the market sentiment is showing an increasingly positive influence, suggesting a possible bullish reversal in the coming period.
With questions like “Will Binance hit $1,000?” and “How high will BNB price go?” are you planning to invest in this altcoin for the upcoming crypto bull run?
Scroll down to learn more about the market sentiment, price action, and possible short-term price targets of the crypto token Binance (BNB).
BNB coin price about to make a major breakout?
With the increasing volatility in the crypto market, Binance price is up by about 2% in the last day with a trading volume of $1.759 billion. Moreover, it is up by about 9% in the last day and has a year-to-date (YTD) return of 66.67%.
Moreover, it has formed a falling wedge pattern on the 1D time frame and continues to trade within this pattern. Moreover, it has also formed a triangle pattern on the longer time frame and the support trend lines of the two patterns have matched up and formed a strong support.
With a trading price of $521.60 and a circulating supply of 145,936,453 BNB tokens, it secures the position of the third-largest cryptocurrency with a market capitalization of $75.986 billion.
Binance Market Sentiments:
The SMA indicator has plotted a bullish curve on the BNB price chart, highlighting a rise in the altcoin’s positive influence in the crypto space.
Furthermore, the Moving Average Convergence Divergence (MACD) shows a constant decline in the red histogram, with its averages showing a high probability of bullish convergence. This suggests that the altcoin will continue to gain value in the coming period.
Will the BNB price rise again?
If the market continues to remain bullish, the Binance token price will test its resistance at $543. If the bulls sustain the price at this level, this altcoin will rise to its highest level of $635 in the coming weeks.
On the other hand, if the bears regain power over the bulls, the BNB coin price could retest its crucial support level of $454.5 this month.
