Binance Coin (BNB) has reignited its price surge this week after undergoing key technical tests. With Bitcoin’s stagnation above $72,000 contrasting with BNB’s sudden spike above $500, the top exchange token looks poised to retest critical upper resistance levels soon.
After retracing last year, BNB spent considerable time centering around $300 support. However, this lateral price action has given way to a renewed uptrend recently.
Binance Coin is currently trading at approximately $538, which represents a 66% increase over the past 30 days. Technical indicators suggest the asset is in an overbought state. However, current market sentiment appears to favor a continuation of the upward trend over potential short-term pullbacks.
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How high can BNB go this week?
BNB has broken the key $500 psychological level recently. This could trigger FOMO and propel BNB towards retesting former all-time highs above $690.
Drawing insights from BNB’s behavior at the beginning of 2024, cryptocurrency experts at Changelly have offered their price projection for Binance Coin for the week.
During this period, it is anticipated that the coin’s price may reach an average of $530. Within the same period, the minimum expected price is $523, while the maximum price target is set at $570.
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After concerns around the Binance exchange rocked investor confidence last year, BNB looks to have reawakened the strong fundamental narrative supporting it since its inception.
Having reclaimed its bullish momentum decisively this week, all eyes are now set on the next leap as Binance Coin surpassed the $500 level. CoinGecko data shows that BNB is up by over 27% in the last seven days.
BNB coin is faring decently despite the regulatory clashes around Binance globally. The world’s largest cryptocurrency exchange is now facing scrutiny in Nigeria.
