- Binance Coin (BNB) recorded a sharp spike in trading volume at the start of the month, but this was shortlived and didn’t boost the price of the token which has traded sideways over the past week.
- BNB trades at $595.74 at press time, and having found support at $575 after an unimpressive week, BNB is aiming for $650 and subsequently, a retest of its all-time high at $688.
Binance Coin has had an unimpressive week where it traded below its weekly opening price of $587.7. It hit a weekly low at $566 on Apr. 5 but quickly bounced back. However, the momentum fazed quickly and since then, it has been trading sideways. On Wednesday, it recorded a sudden surge that took it to a weekly high at $616.8 as experts point out that BNB could retest its all-time high in the coming weeks.
BNB trades at $595.40 at press time, gaining a paltry 1.85% for an $89.119 billion market cap, the fourth-highest in the market.
Despite hitting its highest price this month at $616, BNB was unable to maintain the momentum and soon dipped below $600. However, it has found strong support around $575 which it has used to spark a comeback.
The most notable pattern in the Binance Coin ecosystem was a sudden unexplained surge in trading volume on Apr. 1. According to Santiment, this volume hit $11 billion before returning to its usual numbers around $2 billion shortly after.
Curiously, the volume spike didn’t push the price. Rather, it coincided with a 5% dip as the token dipped from over $600 to retest its $575 support.
Aside from the volume spike, Binance Coin has offered no indication of volatility and has been accumulating for most of the past week just below $600, with the support proving formidable while any uptrend lacked enough momentum to sustain.
The token’s Bollinger bands indicate little volatility, but its relative strength index (RSI) shows that it’s in a bullish phase, aligning with most top cryptos.
Can Binance Coin Retest its ATH?
Binance Coin set its all-time high in May 2021 at $688.62. Since then, any attempt to retest this high has been sniffed out, despite record-setting performance by the BNB Chain, as Crypto News Flash reported.
However, this year, BNB has almost doubled its price, gaining 91.9% year-to-date, setting up the coin with its best opportunity to soar past its highest price.
Coincodex predicts that Binance Coin will set a new all-time high later this month. The crypto price tracking platform expects BNB to keep rising this month and on April 28, to hit $728.68, gaining 21.63% from its current price.
Two days later, the token will hit its monthly high at $755.26 before getting on a slight downtrend, Coincodex predicts.
And while it’s struggling to stay above $600 this year, BNB will trade above that price point for most of next year, the platform predicts. It foresees BNB’s lowest price in 2025 being $598.06 while its yearly high will be $1,030.51.
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