- Binance Coin (BNB) has surged by 6%, hitting $635 for the first time in nearly three months.
- If BNB stays above $650, it could hit a new all-time high of around $700.
Over the weekend, Bitcoin stayed relatively quiet without much movement, but Monday saw a surge as it surpassed $69,000 for the first time this month. Altcoins followed suit, experiencing minor gains alongside BTC. Ethereum rose by 1% to reclaim the $3,800 level. Among the larger-cap altcoins, Binance Coin (BNB) stood out as the top performer, surging by 6% to reach $630.
After a month-long decline, BNB finally came back on track as the coin’s daily chart turned green. According to CoinmarketCap, bears dominated the previous month as the coin’s price dropped to $562 on the 15th of May.
However, bulls stepped up in the last 24 hours and pushed the coin’s price to the $635 range. At the time of writing, the coin was trading at $630 with a market cap of over $92.98 billion, making it the fourth largest crypto. Additionally, the daily trading volume of BNB soared over 53% to $2.58 billion.
Earlier today, Binance Coin surged to over key resistance of $630, marking a significant 6% increase, with a peak at $635, its highest point in almost three months.
Will BNB Hit a New All-Time High?
In 2024, Binance continues its recovery after months of a downtrend, with a return of 102%, since the start of the year. This surge in BNB’s price mirrors the broader market’s rebound. Further, the coin’s weighted sentiment has notably improved, indicating a rise in bullish sentiment over recent days.
After a short-term dip to $250, the price of BNB has recovered and seen a 172% surge in the past 6 months. Despite this rally, BNB is still trading at 8% down from its all-time high of $690. However, Binance Exchange retains its position as the largest cryptocurrency exchange by volume and one of the most reputable centralized exchanges.
With Binance’s expanding list of services within its ecosystem, the upward trend of $BNB is expected to continue. If the uptrend continues and manages to trade above the $650 range, BNB may witness a new all-time high above $700 by the end of June.
On the downside, if BNB fails to hold its resistance above $600, the crypto might experience a low of $520 with an average price of $550 to $530. Moreover, social volume for BNB also remained high last week, underscoring its popularity within the crypto space.
