Binance Coin, the powerhouse token of the world’s most prominent cryptocurrency exchange, is making waves in the financial world. In an impressive 24-hour period, Binance Coin (BNB) experienced a 7% surge, reflecting an overall upward trajectory in the market and cementing BNB’s place ahead of the top five cryptocurrencies in terms of performance. The token sailed past its previous yearly high of $645 from March, reaching a significant zenith of $673 on Tuesday.
Revered as a guru in crypto trading, ‘Sheldon The Sniper’ forecasts that BNB has the potential to be one of the altcoin leaders in the current bull market who predicts a surge to $1,000 if the trend continues. Sheldon, with his bright optimism, stated, “Binance’s token is looking extremely bullish.” Despite being 2.2% down from its earlier all-time high of $686 set in May 2021, the financial whiz expects the token to make a comeback and surpass that height in this market.
Kaleo, another respected crypto analyst, turned heads away from larger cryptocurrencies like Bitcoin, Ethereum, and Solana in favor of BNB, hinting at the coin’s potential to enter a phase of unprecedented price discovery. BNB’s dominance in the previous bull market as an early frontrunner likely suggests a historical repetition in the current market trend. To bolster his case, Kaleo reminded the market of the 50% growth in the token’s value during the peak of the 2021 bull market.
Additional confidence in BNB springs from the decreasing regulatory scrutiny surrounding Binance, thanks to CEO Changpeng Zhao’s unfailing conviction from April. This newfound freedom positions the crypto platform ideally to capitalize from expected institutional inflows and a rise in trading volumes.
A prominent increase is already evident in BNB’s trading volume, which rose 15% in the last 24 hours as disclosed by data from CoinGecko. This equates to an impressive $2.3 billion in contrast to the previous day’s trading session. Coupled with an increase in Binance Coin’s market capitalization, which now stands at a hefty $102 billion, and a $6 billion uptake within a mere 24-hour window, the renewed interest from investors becomes palpable.
However, the sustainability of BNB’s uptick isn’t guaranteed. As such, it remains vital to keep an eye on possible scenarios, including sustained bullish momentum or fallback. If the on-going trend continues, the next considerable resistance levels on the BNB/USD daily chart are at $671 and $676. These hurdles must be conquered to propel the token further. On the other hand, defending the $633 level is critical as BNB stands at $668 presently. A failure here could result in a significant loss if a retest occurs.
As alluding to these market trends, Binance Coin is a formidable player with remarkable market performance. It outperforms major cryptocurrencies and has set new milestones, leading to considerable excitement among traders and investors about BNB’s capability to transcend its previous all-time high and take the lead in the current bull run.
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