BNB Price Climbs, Can It Break Its All-Time High?
BNB made an impressive comeback after hitting a five-month low on February 3. Now, the coin is trading at $698.40, an increase of 10% in value over the past day.
Despite the wider market consolidation, BNB has defied this trend and maintained a strong upward momentum as accumulated growth.
BNB violates market headwind
BNB fell to a five-month low of $500 on February 3. But despite recent market headwinds, the fifth crypto asset with market cap shocked the general trend and recorded an uptrend. It currently trades at $698.40, Climb 40% In the past ten days.
An assessment of the BNB/USD one-day chart shows that this price increase is supported by actual coin demand rather than speculative industries. For example, its relative strength index (RSI) The upward trend on the 50 neutral line of 62.22 reflects the buying pressure in the market.
The RSI indicator measures excessive assets and oversell market conditions. Its ranges from 0 to 100 and values above 70, which indicates too much assets and is corrected. On the other hand, values below 30 indicate that assets are oversold and may witness a rebound.
On 62.22, BNB’s RSI It shows that it is on bullish territory, but not too much. This shows that strong purchasing momentum has room for further upward space.
Additionally, the coin has an Aroon Up Line of 100%, highlighting the intensity of the current uptrend.
The Aroon indicator measures the trend strength of an asset. It determines a potential reversal by tracking the elapsed time since the highest (Aroon) and lowest (Aroon Down) over the set period. When the Aroon Up Line is 100%, it marks a strong uptrend, indicating a new climax recently, and bullish momentum is dominant.
BNB Price Forecast: The Highest Next All-All?
According to reading BNB’s Fibonacci Retracement Toolif demand for BNB increases, its next target is its all-time high of $793.86, and it was finally reached on December 4.
However, a reversal of the current trend will invalidate this bullish forecast. In this case, BNB may bring recent gains and drop to $685.55. If the Bulls don’t defend this level of support, their price could drop to $610.98.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
