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Despite the crypto market crash that happened last week, cryptocurrencies are still on an uptrend. This is true for most tokens, including Binance Coin. Not only is this token rising in value, but it is also approaching its previous all-time high price of $700. Many skeptics believe that the current price-action of Bitcoin indicates a possible down market for the entire crypto market. On the other hand, the cryptocurrency market looks perfectly fine from a fundamental assessment. Can the BNB token boom further and break its previous ATH?
Binance Coin (BNB) has been on a Continuous Rise
Despite many critics, the Binance Coin has always been on a continuous uptrend. Whenever market crashes happen, most newbies panic and think the market will enter a bearish trend just like what happened post-2017. Jumping into such a conclusion without taking into consideration the technicals will definitely give false alarms.
In figure 1, we can clearly see how the BNB token has always been on an uptrend continuously since the beginning of 2021. Prices were rising only to retrace higher than the previous low. This is what mainly constitutes an uptrend. Whenever prices rise higher than the average uptrend, a retracement is inevitable.
Binance Coin Price Prediction – Can BNB reach its previous ATH?
It is very clear that the prices of BNB are increasing steadily. The BNB token looks like it is consolidating around the middle uptrend line in anticipation of reaching the upper trendline. Prices are currently eyeing the ATH level of around $700, and have the perfect formation to continue higher.
The current price of BNB is $620. Reaching the previous ATH of $700 denotes a rise of around 12%, which isn’t hard for BNB at all. On the other hand, BNB prices can still adjust a bit lower in tandem with the crypto market before achieving this price target.
The Crypto Market at a Glance
In the past 24 hours, the cryptocurrency market seems like it’s recovering from its previous crash. The entire crypto market is up by almost 3%, and most of the top 10 cryptos are slightly greenish. The top performers are SHIB, LUNA, and STX gaining respectively 32%, 19%, and 17%. On the other hand, the top losers are ZEC, GALA, and AMP losing respectively -9%, -7%, and -6%.
1- Bitcoin (BTC) : + 1.79 %
2- Ether (ETH) : + 6.65 %
3- Binance Coin (BNB): + 0.66 %
4- Tether (USDT) : 0 %
5- Solana (SOL) : + 2.49 %
6- Cardano (ADA) : + 1.24 %
7- Ripple (XRP) : + 3.10 %
8- USD Coin (USDC) : + 0 %
9- Polkadot (DOT): + 4.78 %
10- Dogecoin (DOGE) : + 1.28 %
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Rudy Fares