Today, BNB Coin’s price skyrocketed to $716, surpassing its previous all-time high. This milestone was anticipated due to the ongoing efforts of BNB Coin bulls around the $635 mark. Finally, backed by the largest exchange in terms of volume, BNB Coin achieved this mid-2021 record level.
Why is BNB Coin Rising?
A decline in US bond yields, along with macroeconomic factors, facilitated BNB Coin’s new all-time high. As the Asian markets opened, BNB Coin peaked at $716. The US 10-year yield saw a drop from 4.63% to 4.33% within five days, correlating inversely with a 20% increase in BNB’s price. Essentially, as bond yields decreased, BNB’s price surged.
Further encouragement came from the Federal Reserve’s stable inflation indicator, JOLTS data, and positive employment and wage growth statistics released on Friday, creating a conducive environment for risk markets.
BNB Coin Price Prediction
BNB Coin has recently broken out of a rising triangle formation, a bullish pattern supported by the 20 and 50-day EMAs. This formation indicates potential for upward movement, as seen when BNB’s price surpassed the triangle’s resistance. Currently, bulls are targeting the $800 mark, just $100 above the current price.
However, the RSI is above 70, suggesting either a new peak or a potential correction. If Bitcoin remains strong, BNB may consolidate around its current region, or the RSI could aim for 90, pushing the price closer to $800. Converting the $708 resistance into support is essential for continued growth.
Strategic Insights for Investors
• Monitor US bond yields for further correlations with BNB’s price movements.
• Pay attention to Federal Reserve data and macroeconomic indicators affecting risk markets.
• Watch for RSI levels and Bitcoin’s performance to gauge potential corrections or further rises.
• Track BNB’s ability to convert $708 resistance into a support level for future price increases.
In conclusion, BNB Coin’s ascent to $716 marks a significant achievement, driven by favorable economic conditions and technical formations. Investors are setting sights on the next milestone of $800, contingent on market dynamics and key support levels.