Binance Coin (BNB) is experiencing a surge in price. Its current trading value is $732.17, reflecting a 3.56% increase in the last 24 hours. This upward momentum suggests strong market activity and a positive outlook for BNB.
The price spike, especially observed between 5:00 PM and 6:00 PM, marks a sharp rise from $707 to $732, fueled by increased buying pressure. Along with the price increase, the trading volume has risen by 23.16%. It has now reached $1.74 billion, signifying heightened investor interest and market participation.
Binance Coin is the 6th largest cryptocurrency by market capitalization, currently at $105.43 billion. Binance Coin has a circulating supply of 144 million BNB tokens. This continues to foster solid investor sentiment, reflecting its established role in the broader crypto market.
The recent price performance showcases an ongoing bullish trend, which could pave the way for further potential gains.
Key resistance levels and price targets
Technical analysis of BNB’s price movement suggests that it has been operating within an ascending channel since early 2024, with significant resistance levels at $1,025, $1,480, and $2,280. As of the current price level of $732, BNB is approaching the first resistance level at $1,025.
If the current bullish trend persists, this price target could be the next point of focus for traders. The price action within this ascending channel suggests that the market could continue progressing, testing these resistance levels.
Technical indicators: RSI and MACD
Analyzing the relative strength of BNB’s current trend, the Relative Strength Index (RSI) stands at 71.67, indicating that the token is nearing an overbought condition.
The typical overbought threshold for RSI is 70, and BNB’s current level above this mark suggests that the coin may experience a short-term pullback or consolidation.
However, it is important to note that an overbought condition does not always immediately lead to price reversal, especially during a sustained bullish trend.
In addition to the RSI, the MACD points to bullish sentiment among traders. The MACD line is above the signal line, and the histogram is green, so the forecast is for further growth.
The MACD is at 1.8 while the signal line is at 2.2, indicating that the bullish movement will continue in the short term.
