BNB, the native token of Binance Smart Chain, has been on an impressive upward trend and has captured the attention of traders and investors alike. According to the latest statistics from CoinMarketCap, BNB is trading at: $606.45, reflecting a significant increase of 46.58% over the past month and 10.05% increase over the past 7 days. Even in the short term, BNB gained 1.10% in the past 24 hours.
BNB data chart (coin market cap)
BNB has a staggering market capitalization of $90.7 billion, securing its position as the fourth largest cryptocurrency by market capitalization. Trading volume in the past 24 hours also exceeded $1.5 billion. However, the volume to market capitalization ratio remains healthy at 1.75%, indicating a healthy level of trading activity.
BNB’s circulating supply is 149,536,008 tokens, which is equal to the total supply and suggests that additional tokens are unlikely to be minted in the near future. This scarcity and rising demand are contributing to the token’s bullish momentum.
Technical analysis: bullish trajectory
BNB’s price action has been nothing short of amazing, with the token soaring from a low of $300 on February 5th to an astonishing high of $645 recently. This increase has pushed BNB down slightly from its all-time high of $704.6 hit in early May 2021.
The recent price rally has given confidence among traders and analysts that BNB prices are likely to return to all-time highs. Last week’s candlestick ended as a bullish long tail pin bar, further reinforcing the bullish sentiment.
BNBUSD weekly price chart (TradingView)
Since the beginning of the year, technical indicators have shown a bullish trend, and prices have followed suit. BNB price surged and broke the double resistance near $371.0, breaking out of the uptrend line and retesting the rising level.
The token has established a new support level at the $503 zone, and the price is currently trading towards the $645 resistance zone and all-time high at $704.6. The weekly Relative Strength Index (RSI) is at 89.38, which is significantly overbought territory and suggests that a reversal to the immediate support level is likely within the next few days.
Daily chart: possible breakout or reversal?
Over the past few days since March 20th, BNB price has been bullish and is trading towards the $645 resistance zone. A potential breakout could cause the price to surge higher and test the all-time high resistance level at $704.6.
However, if the $645 resistance is rejected, the price could fall and test the $503.1 support. If the price falls below this level, it may quickly fall to the next support of the rising trend line.
BNBUSD daily price chart (TradingView)
At the time of writing, the daily RSI is approaching overbought territory at 64.10, suggesting a near-term reversal, perhaps a bounce back to the $645 level.
As BNB continues to captivate the crypto market, traders and investors should keep in mind that the weekly and monthly candlesticks will close later today, March 31, 2024, and are expected to reach all-time highs and temporarily We are looking forward to the next move, keeping in mind the possibility of further adjustments. Regardless of the outcome, BNB’s bullish momentum solidifies its position as a force to be reckoned with in the blockchain ecosystem, with it poised to break multiple all-time highs in the near term.
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