BNB Token Soars 10% in 7 Days, Holds Above $600, Targets All-Time High of $704

31 March 2024

in BNB

Reading Time: 5 mins read

BNB Price Prediction

The native token of the Binance Smart Chain, BNB, has been on a remarkable uptrend, captivating the attention of traders and investors alike. According to the latest statistics in CoinMarketCap, BNB is trading at $606.45, reflecting a massive 46.58% increase over the past month and a 10.05% surge in the last seven days. Even in the short term, BNB has witnessed a 1.10% gain over the previous 24 hours.

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BNB Data Chart (CoinMarketCap)

BNB’s market capitalization stands at an impressive $90.7 billion, securing its position as the fourth-largest cryptocurrency by market cap. The trading volume over the past 24 hours also amounted to over $1.5 billion. However, the volume to market cap ratio remains healthy at 1.75%, indicating a healthy level of trading activity.

The circulating supply of BNB is 149,536,008 tokens, which is equal to the total supply, suggesting no additional tokens are likely to be minted in the near future. This scarcity, combined with the growing demand, has contributed to the token’s bullish momentum.

Technical Analysis: A Bullish Trajectory

BNB’s price action has been nothing short of remarkable, as the token has soared from a low of $300 on February 5th to a remarkable high of $645 recently. This rally has brought BNB slightly lower from its all-time high of $704.6, reached in early May 2021.

The recent price surge has instilled confidence among traders and analysts, who believe that BNB’s price is likely to return to its all-time highs. The last week’s candlestick closed as a bullish long-tailed pin bar, further reinforcing the bullish sentiment.

BNBUSD Weekly Price Chart (TradingView)

Since the start of the year, technical indicators have pointed towards a bullish trend, and the price has followed suit. BNB’s price soared to break a double resistance at around $371.0, breaking out of an ascending trendline and retesting the levels to continue its rally.

The token has cemented a new support level at the $503 zone, and the price is now trading towards the $645 resistance zone and the $704.6 all-time high. The weekly Relative Strength Index (RSI) stands at 89.38, which is a massive overbought region, suggesting that reversals to immediate support levels are likely in the coming days.

Daily Chart: Potential Breakout or Reversal?

Over the last couple of days since March 20th, the BNB price has been bullish, trading towards the $645 resistance zone. A potential breakout could see the price surge to test resistance levels at its all-time high of $704.6.

However, a rejection at the $645 resistance might lead the price to drop and test support at $503.1. If the price breaks below this level, it could potentially drop to the next support of the immediate ascending trendline.

BNBUSD Daily Price Chart (TradingView)

The daily RSI stands at 64.10 as of writing, approaching the overbought territory, signaling a potential reversal in the near term, perhaps a rejection at the $645 level.

As BNB continues to captivate the cryptocurrency market, traders and investors eagerly await the next move, keeping in mind a weekly candlestick and a monthly candlestick close later today, 31st March 2024, with the potential for new all-time highs or a temporary correction. Regardless of the outcome, BNB’s bullish momentum has solidified its position as a force to be reckoned with in the blockchain ecosystem, and multiple new all-time highs are about to be on record in the near term.