BNB Price Rally Gains Momentum: Is A New ATH Within Reach?

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As a seasoned crypto investor with over a decade of experience navigating the turbulent waters of this digital frontier, today’s market recovery has brought a glimmer of hope to my portfolio. The surge in the global market capitalization to $2.08 Trillion and a trading volume of $77.5 Billion within 24 hours is nothing short of impressive. This bullish trend, fueled by the ongoing Fed rate cuts discussions, has even lifted the Binance Coin (BNB) price, which has been among my top performers for years.

Today, following some intense periods, the cryptocurrency market has seen a significant bounce-back. The total market capitalization now stands at approximately $2.08 Trillion, while trading volume has reached $77.5 Billion after a 28% increase within the last day. This recovery can be attributed to ongoing talks about potential Fed interest rate reductions, pushing the market upward. Consequently, the price of BNB has also started to mirror this trend and is steadily picking up speed, climbing over 7% during the past week.

BNB Price On The Rise For Days Now

For quite some time now, Binance Coin (BNB) has been a leading player among the top five digital currencies available in the market. Its widespread use and demand can be attributed to its role as the native token of the massive cryptocurrency exchange platform, Binance. However, much like other successful tokens, BNB has faced challenges this year, particularly due to various legal hurdles. Yet, things seem to be looking up, and even Binance Founder CZ’s announced release date on September 29 could potentially draw attention back to the token.

BNB Price Rally Gains Momentum: Is A New ATH Within Reach?

The token grew heavily during June’s bullish rally, hitting the $710 mark, closer to the ATH of $720.67. However, the market turned neutral, and the BNB price dropped to as low as $464 earlier. Since then, the token has improved quite a lot, and currently, the Binance Coin price is $545.52 after a 1.4% surge today, which is a good sign. It has maintained its value above the $525 mark for days and has crossed the Pivot at 511, moving towards the first resistance at 587.8. If the token succeeds in breaking the first resistance, an uptrend is likely to continue. It might push it towards $600, a new month ATH.

Can BNB Price Surge To ATH?

If BNB‘s current trend continues and it manages to surpass the initial resistance at around $587.8, outperforming the bullish target of $551, there’s a possibility it could reach $600. But reaching its all-time high of $720.67 is not expected to happen imminently, given the token’s inability to approach the ATH in the past three months. This becomes more evident as we look at the chart.

The technical aspects suggest that the token is currently in a favorable buying range, implying potential future profits. Yet, the present surge isn’t strong enough to reach new record highs, considering the overall market climate hasn’t been particularly bullish. A substantial increase beyond the current level could provoke sellers, as suggested by the SME (100, 200) lines.

Several financial experts are looking forward to the Federal Reserve’s interest rate adjustment, hoping it will spark a surge in Bitcoin prices and positively impact the broader cryptocurrency market. However, economist Peter Schiff predicts that the rate cuts won’t benefit Bitcoin’s value. Instead, he suggests they will weaken the U.S. dollar and rekindle inflation, which could disappoint crypto investors.

Final Thoughts

Today has been a recovery day for many of the cryptocurrencies, including BTC, whose value has surged almost 3%, currently at $60.3K, followed by BNB and many others. As the BNB price aims to break the resistance at $587.7, the holders are awaiting an ATH despite the presence of the bulls in the market. Additionally, with the eyes of FED rate cuts, a lot is at stake, including the crypto market’s bull run.

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2024-09-18 11:43