The post Binance (BNB) Price Prediction: Major Reversal Triggered, Eyes To Hit $635? appeared first on Coinpedia Fintech News
Amid the ongoing market turmoil, the Binance price has continued hovering close to its resistance/support level of $543, indicating a weak price action for the altcoin. However, the market sentiments display increased positive influence, indicating a potential bullish reversal in the coming time.
With questions like “Will Binance Reach $1,000?” and “How high will the BNB price go?”, are you planning to invest in this altcoin for the upcoming crypto bull run?
Scroll down to uncover the market sentiments, price action, and potential short-lived price targets of the Binance (BNB) crypto token.
BNB Coin Price On The Verge Of A Major Breakout?
With the rising volatility in the crypto market, the Binance price has added approximately 2% within the past day with a trading volume of $1.759 Billion. Further, it has added approximately 9% within the past day and has a Year-to-Date (YTD) return of 66.67%.
TradingView: BNB/USDT
Moreover, it has formed a falling wedge pattern in the 1D time frame and continues to trade within it. Further, it has also formed a triangle pattern in the longer time frame and the support trendlines of the 2 patterns have coincided forming a strong support.
With a trading price of $521.6 and a circulating supply of 145,936,453 BNB tokens, it has secured the position of the 3rd largest cryptocurrency with a market capitalization of $75.986 Billion.
Binance Market Sentiments:
The SMA indicator has recorded a bullish curve in the BNB price chart, highlighting an increase in the positive influence of the altcoin in the crypto space.
Further, the Moving Average Convergence Divergence (MACD) displays a constant decline in the red histogram with its averages showing a high possibility of a bullish convergence. This suggests that the altcoin will continue gaining value in the coming time.
Will BNB Price Go Up Again?
If the market continues trading on a bullish note, the Binance token price will prepare to test its resistance level of $543. Furthermore, if the bulls hold the price at that level, this altcoin will surge toward its upper high of $635 during the upcoming weeks.
On the flip side, if the bears regained power over the bulls, the BNB coin price could retest its crucial support level of $454.5 this month.