The cryptocurrency market is witnessing a notable surge in buying activity, particularly for BNB coin, as Bitcoin soars past the $52,000 threshold. Binance’s native token experiences a significant uptick in momentum, correspondingly reflecting in its intraday trading volume which stands at a robust $495 million. This bullish behavior prompts speculation on whether BNB will hit the coveted $400 mark.
BNB’s Price Trajectory Following Bitcoin’s Climb
Accompanying Bitcoin’s substantial gain, BNB coin has seen a 12% increase over a fortnight, with its price now exceeding $300. The current trading value hovers around $333, suggesting a strong upward movement that could potentially break through previous resistance levels and initiate an even more significant rally.
Despite a recent correction period since early 2024, which saw a 15% drop after rejection at the $338 resistance level, BNB’s price has managed a swift recovery. The coin’s valuation dipped to $287 but has since rebounded appreciably.
The daily chart analysis reveals that this recovery is part of a flag pattern, which traditionally indicates a bullish continuation. Such a formation has resulted in a 16.5% appreciation of BNB’s value over three weeks, settling it near the $332 trading price.
External Influences on BNB’s Market Performance
BNB’s price dynamics may also be swayed by developments involving Binance’s ex-CEO, Changpeng Zhao. The postponement of Zhao’s trial related to a breach of the Bank Secrecy Act could have implications for the coin. Zhao, who risks a maximum 18-month prison sentence after a guilty plea, has witnessed Binance coin drop to the fifth position in market capitalization ranking. Nonetheless, the current positive momentum of BNB suggests the potential for further price ascension to the $350 and possibly $400 levels.