Binance Coin (BNB) reignited its price surge recently after undergoing key technical tests. However, with Bitcoin’s heightened volatility, BNB struggles to keep up its momentum.
After retracing last year, BNB spent considerable time centering around $300 support. However, this lateral price action has given way to a renewed uptrend recently. In the last 24 hours, BNB also surpassed the $600 level and hit $612 before falling to its current price of $605.
Binance Coin is currently trading at approximately $605, which represents a 10.7% increase over the past seven days. Current market sentiment appears volatile, and the continuation of the upward trend seems uncertain at the moment.
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BNB had broken the key $600 psychological level recently. However, it is struggling to keep up the pace as the price is moving volatile alongside the whole cryptocurrency market cap.
Drawing insights from BNB’s behavior at the beginning of 2024, cryptocurrency experts at Changelly have offered their price projection for Binance Coin for May.
During this period, it is anticipated that the coin’s price may reach an average of $710. Within the same period, the minimum expected price is $652, while the maximum price target is set at $768. The prediction reveals that BNB is likely to hit the $800 level by May
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After concerns around the Binance exchange rocked investor confidence last year, BNB looks to have reawakened the strong fundamental narrative supporting it since its inception.
Having reclaimed its bullish momentum decisively this week, all eyes are now set on the next leap as Binance Coin hovers above the $600 level. CoinGecko data shows that BNB is down by 0.7% in the last 24 hours.
BNB coin is faring decently despite the regulatory clashes around Binance globally. The world’s largest cryptocurrency exchange is now facing scrutiny in Nigeria.
Disclaimer: Our articles are NOT financial advice, we are not financial advisors. All investments are your own decisions. Please conduct your own research and seek advice from a licensed financial advisor.
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