Binance Coin (BNB) Price Poised for Major Breakout Amid Rising Market Volatility
- The cryptocurrency market is experiencing increased volatility, while top tokens have displayed reduced price action over the past week.
- Binance Coin (BNB) has recorded a bullish jump of approximately 7% over the past day.
- BNB price is on the verge of testing its crucial resistance level, with the EMA 50-day and RSI suggesting a bullish outlook.
In contrast to the broader market trend, Binance Coin (BNB) has showcased a notable bullish jump, gaining approximately 7% over the past day. Moreover, the token has added an impressive 11.3% over the past seven days, signaling a growing interest among investors in the Binance ecosystem.
Binance Coin Price on the Cusp of a Significant Breakout
Following a bullish price action during the first two months, the Binance token has experienced a period of consolidation, trading within a range between $568 and $635. During this time, the altcoin has exhibited significant price volatility, as evidenced by its chart.
Currently, the BNB price is on the brink of testing its critical resistance level, and the outcome of this test remains uncertain. The 50-day Exponential Moving Average (EMA) has consistently provided support to the price chart on the 1-day time frame, suggesting a bullish outlook for the Binance Coin price in the near future.
Will BNB Price Continue to Rise?
If the bullish momentum persists, the Binance token is expected to test its resistance level of $635. If the price manages to sustain itself above this level, it could set the stage for BNB to challenge its all-time high (ATH) of $690.9.
However, if the market undergoes a bearish reversal, the BNB price may lose its upward momentum and potentially decline towards its crucial support level of $568 in the upcoming weeks.
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
