- Binance Coin has surged 168% from $200 to $537 since October 2023.
- Currently trading between $515 to $530.
The global cryptocurrency market surged to unprecedented heights, led by Bitcoin’s significant rally to surpass the $72,200 mark. Riding on this wave of resurgence, altcoins also experienced a remarkable uptrend, notably Binance’s BNB token, which displayed a strong recovery with a succession of bullish candles in its daily chart. This surge propels BNB from $385 to $537 within 4 days, marking a substantial 28% increase.
The cryptocurrency market has been ignited with notable price actions, with premier tokens consistently achieving new record highs. Since October 2023, the Binance coin has been on an upward trajectory, witnessing steady growth from its low point of $200. Over six months, BNB has surged by 152%, culminating in its current trading price of $524.
Will BNB Sustain Its Rally?
After a period of consolidation within the $315.4 to $350 range, BNB experienced a surge in bullish momentum, breaking through resistance levels and entering a trading range of $380.5 to $500 for the subsequent seven days.
At the time of writing, BNB is trading at $524, with a market capitalization of $78.3 billion. Despite experiencing a minor 2.21% decline within the last 24 hours, BNB has soared by over 25% in the past week and 63% for a month. Additionally, BNB’s daily trading volume has surged by over 40% in the past 24 hours, reaching a substantial $4.6 billion.
If Binance coin manages to sustain support above the $500 threshold and breaches the $535 mark, it could ignite a rally towards $580, with potential resistance lying at the $650 neckline.
Conversely, a scenario where bears overpower bulls could lead to a loss of momentum, with BNB potentially testing support levels at $480 and $430. If bearish sentiment persists, the coin may plummet further, aiming to establish support at the $397 level.
