TLDR
- BNB price is recovering from the $600 support zone and moving above $620 resistance
- Currently trading around $645, the highest since February 24th
- Social dominance increased to 1.43%, potentially attracting more demand
- Technical indicators including RSI, Supertrend, and MACD suggest continued upward momentum
- CoinCodex predicts BNB could reach $1,000 by April 10 and potentially hit $1,610 by May 11
Binance Coin (BNB) is showing promising recovery signs after experiencing a 25% decline between mid-February and March. The cryptocurrency is currently trading around $645, the highest level it has reached since February 24, marking a significant rebound that indicates sustained buying pressure.
After forming a base above the $600 level, BNB price started a fresh increase. There was a move above the $618 and $610 resistance levels. It even recovered above the $625 level, following similar patterns to Ethereum and Bitcoin.
BNB Price
The cryptocurrency has broken above the $603 support level, confirming bullish momentum. This technical breakout is supported by a rising Relative Strength Index (RSI) reading, which has crossed above the neutral line. This rise in the RSI indicates increasing bullish sentiment among traders.
BNB’s price action is following the broader market recovery. Many altcoins are jumping from their monthly lows as the overall crypto market sentiment improves. On the daily chart, BNB is trending toward what analysts call a V-shaped recovery.
A V-shaped recovery refers to a price rebound after a steep decline. This pattern forms a distinct “V” shape on price charts. It indicates a sharp reversal typically driven by renewed confidence and bullish market sentiment.
Unlike gradual recoveries that take time to build momentum, a V-shaped recovery suggests buyers have quickly regained control. This pattern is often seen as a positive sign that losses may be erased quickly.
On-chain data shows an increase in BNB’s social dominance to 1.43%. Social dominance measures the level of discussions related to a cryptocurrency across various platforms. When social dominance increases, it often indicates growing interest that could translate to higher demand.
The global crypto market cap has recently hit $3 trillion once again. This broader market strength provides a supportive environment for BNB’s continued recovery. Bitcoin (BTC) has reclaimed the $88,000 price point after its recent drop to below $79,000 levels.
Technical Analysis
Despite a 0.3% dip in the daily charts and a 1% dip in the monthly charts, BNB is making a strong recovery overall. The asset is up 2.5% in the weekly charts and has gained an impressive 13.4% over the past 14 days.
Looking at price resistance levels, BNB could face challenges near $628. There is also a connecting bearish trend line forming with resistance at $627 on the hourly chart. The next resistance sits near $630.
A clear move above the $630 zone could send the price higher. In such a scenario, BNB price could test $638. A close above the $638 resistance might set the pace for a larger move toward the $650 resistance level.
For those concerned about potential downside, initial support is near the $622 level. The next major support level is around $615. The main support sits at $600, which has proven to be a strong foundation for the current recovery.
According to CoinCodex predictions, BNB may continue its bullish phase in the coming weeks. The platform anticipates the asset will rally for the foreseeable future. Their estimates suggest BNB will breach the $1,000 mark by April 10.
Even more optimistically, CoinCodex predicts BNB will hit a new peak of $1,610.24 on May 11. This would represent a 154.64% increase from current levels. However, the platform does not expect BNB to maintain prices above $1,000 for long, predicting a correction after hitting its peak.
BNB’s all-time high stands at $788.84, reached on December 4 last year. The asset’s current price represents a nearly 20% decline from that peak. However, the current recovery trajectory suggests this gap may close in the coming weeks.
