BNB Price Climbs, Can It Break Its All-Time High?
BNB has staged an impressive comeback, surging 40% after hitting a five-month low on February 3. The coin now trades at $698.40, adding 10% to its value over the past day.
Despite broader market consolidation, BNB has defied the trend, maintaining strong upward momentum as accumulation rises.
BNB Defies Market Headwinds
BNB plunged to a five-month low of $500 on February 3. However, despite recent market headwinds, the fifth crypto asset by market capitalization bucked the general trend and recorded an uptrend. It currently trades at $698.40, climbing by 40% in the past ten days.
An assessment of the BNB/USD one-day chart reveals that this price hike is backed by actual coin demand and not by speculative trades. For example, its Relative Strength Index (RSI) is in an upward trend above the 50-neutral line at 62.22, reflecting the buying pressure in the market.
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 suggesting that the asset is overbought and due for a correction. On the other hand, values below 30 indicate that the asset is oversold and may witness a rebound.
At 62.22, BNB’s RSI indicates it is in bullish territory but not yet overbought. This suggests strong buying momentum with room for further upside.
Moreover, the coin’s Aroon Up Line is at 100%, highlighting the strength of the current uptrend.
The Aroon Indicator measures an asset’s trend strength. It identifies potential reversals by tracking the time elapsed since the highest high (Aroon Up) and lowest low (Aroon Down) over a set period. When the Aroon Up line is at 100%, it signals a strong uptrend, indicating that a new high was recently reached and bullish momentum is dominant.
BNB Price Prediction: All-Time High Next?
According to readings from BNB’s Fibonacci Retracement tool, if the demand for BNB strengthens, its next price target is its all-time high of $793.86, last reached on December 4.
However, a reversal in the current trend will invalidate this bullish prediction. In that scenario, BNB could shed recent gains and fall to $685.55. If the bulls fail to defend this support level, its price could drop to $610.98.
Disclaimer
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