The crypto industry has recorded increased buying pressure within the market over the past weekend, highlighting an increase in the price action. Moreover, the market leader, Bitcoin price, has surpassed the $66,000 mark post Bitcoin-Halving, suggesting a positive outlook for the crypto space.
Furthermore, the BNB token has recorded a significant jump of approximately 5% within 24 hours and 4.37% over the past seven days. Positively, the altcoins Year-to-Date (YTD) stands at 93.56%, at the time of writing, this article. Will BNB price record a new ATH this month?
Binance Coin Price Records A Bullish Convergence!
After displaying a weak price action during 2023, the BNB coin price successfully started trading in 2024 on a bullish note, indicating a rising interest among investors for this altcoin. Moreover, before facing rejection at its upper resistance level, the Binance coin price added over 104%, from $311 to $635 this year alone.
Since then, the price has been trading in a consolidated range between $506.5 and $635. Positively, the Binance token has displayed a strong bullish reversal in its chart post-Halving, highlighting a high possibility of a positive outlook for it in the upcoming time.
The Relative Strength Index (RSI) surpassed the mid-point, indicating a bullpower for the BNB coin in the cryptocurrency industry. Moreover, the averages show a bullish convergence, suggesting the price will continue gaining value in the coming time.
Also Check Out : Crypto Market Prediction Next Week: What To Expect From Altcoins And Bitcoin
Will BNB Price Go Up?
If the bulls continue to trade under a positive influence, the BNB price will continue rising and test its resistance level of $635 by the upcoming weekend. Maintaining the price at that level will set the stage for the Binance token to attempt to test its ATH of $690.93 mark by the coming month.
Negatively, if the BNB token experiences a bearish trend reversal, the price will lose momentum and fall to test its support level of $569. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support levels.
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