In a remarkable turn of events, cryptocurrency Binance Coin (BNB) escaped the bounds of its consolidation area, charting a promising uptrend. The token’s surge past the $700 threshold signals a robust rebound in the market, triggering a newfound sense of optimism amongst traders and investors alike.
The last 24 hours saw BNB escalating by a significant 12%, an upward trajectory that built upon a strong performance in the preceding week and month. The monumental breakout caught the attention of the financial community, with market analysts predicting considerable profits if the bullish trend persists.
At the time this is being put to paper, BNB has advanced by 3.56%, with its current trading price hovering around the $710 mark. Its market capitalization has soared past $104 billion, coupled with an impressive 24-hour trading volume surpassing $4.2 billion. The preceding day witnessed a 12.73% surge in market capitalization, accompanied by a nearly 80% increase in trading volume.
Turning our attention to BNB’s price and indicators on the 4-hour and 1-day charts, BNB has managed to hold its position above the 100-day Simple Moving Average (SMA), signifying continued growth potential. In the current scenario, it’s evident that not only is the price still in the positive territory but there’s also ample scope for growth.
Further signs of optimism can be gleaned from the 4-hour Moving Average Convergence Divergence (MACD) charts, indicating BNB’s potential to keep its bullish momentum. The MACD histograms are inclining above the MACD’s zero line, while both the MACD line and the MACD signal line are trending above the zero line, leaving a substantial gap between them. This suggests the journey upward may not be over yet for BNB.
Switching the focus to the daily time frame, BNB has evidently succeeded in breaking out of its previous consolidation zone and went on to break its former record high of $692. This upward movement, combined with the strong momentum, points to possible further climbs.
Strong affirmations of this bullish trend can be seen in the 1-day MACD, with the MACD Histograms currently escalating above the MACD’s zero line. Similarly, both the MACD line and the MACD signal line are maintaining their position above the zero line, leaving significant space between them, indicating that the price of BNB can still potentially move upward.
The breakout from the consolidation zone is of great significance. If the prices continue their north-bound journey, BNB is poised to scale new peaks, setting higher highs and lows.
However, there could be a downturn if the upward movement fails to materialize. This could set off a descent towards the upper base of the consolidation zone for a retest. Should this upper base fail to support the price, BNB might continue its poised dip to test the $509 support level, and potentially plummet further to challenge other lower support levels. Time will definitively tell whether BNB is about to hit a jackpot or embark on a bumpy ride.
