TLDR
- After finding footing at the $600 mark, BNB's price is climbing back over the $620 resistance area.
- Bitcoin's surge to $88,000 is seemingly catalyzing a broad-based market recovery.
- Technical insights highlight that BNB is challenged by resistance at $630, with key support levels set at $622 and $615.
- Despite a slight daily drop of 0.3%, BNB has risen by 13.4% over a 14-day period in the charts.
- Predictions from CoinCodex suggest that BNB might hit the $1,000 milestone by April 10, and even reach an impressive $1,610 by May 11.
BNB's price is bouncing back strongly, having secured solid support near $600. It's now trading above the $620 mark as the larger market seems to head into another bullish swing.
This price trajectory aligns with Bitcoin reclaiming the $88,000 level, following a period where BTC fell below $79,000.
Currently, BNB's performance varies across different timeframes, showing a minor 0.3% drop today and a 1% slide in the monthly view.
The broader picture, however, shows more positive signs. BNB has gained 2.5% over the past week and a remarkable 13.4% in the last 14 days.
From March 2024 onwards, BNB has seen a 6.4% increase, part of a trend that has lifted the global crypto market valuation back to $3 trillion.
Technical Analysis
Technical data indicates BNB surpassed several crucial resistance points, such as $618 and $610, and even rebounded above $625, following patterns akin to Ethereum and Bitcoin.
BNB succeeded in breaking past the 23.6% Fibonacci retracement, calculated from its recent decline from a $645 peak to a $615 low.
At present, BNB is trading beneath $630 and the 100-hour simple moving average, encountering resistance around $628.
A bearish trend line has been spotted on the hourly chart, with resistance at $627, while significant hurdles loom near $630, aligning with the 50% Fibonacci retracement level.
Should BNB surpass the $630 barrier convincingly, its price could aim for $638. Achieving a definitive close above $638 may pave the way for a push toward the $650 resistance.
If BNB struggles to clear the $630 challenge, a downward turn might occur, with initial support found around $622 and crucial support at $615.
The primary line of defense remains at $600. A drop below this could push BNB towards $585 or even $565 in a more extensive downtrend.
Technical indicators offer further perspective on the market's temperature. The MACD for BNB/USD is gaining momentum in the bullish zone, while the RSI stays above 50. into BNB’s BNB achieved a record high of $788.84 last December, with the current price marking a 20% reduction from that summit.
Forecasts from CoinCodex foresee BNB entering another positive phase shortly, projecting the rally to persist.
CoinCodex envisions that BNB could breach the $1,000 level by April 10, with an optimistic outlook proposing a new peak of $1,610.24 by May 11.
CoinCodex forecasts BNB to If these predictions hold true, it would signify a 154.64% jump from today's levels. However, CoinCodex warns BNB won't stay above $1,000 long, anticipating a correction after hitting the peak.
The larger cryptocurrency market rally seems influenced by several factors, such as the SEC withdrawing its case against Ripple and scheduling more crypto roundtables, which likely improved morale.
Moreover, news of the US easing tariffs might have shored up investor confidence, contributing collectively to the ongoing market revival.
For now, BNB remains focused on overcoming the $630 resistance. Clearing this could dictate whether the recovery progresses to greater heights or reverses.
Maisie, a seasoned journalist in Crypto & Financial news, contributes to outlets like Moneycheck.com, level-up-casino-app.com, Computing.net, and leads as Editor in Chief at Blockfresh.com.
