- On Friday, the price of BNB rose more than 2% after falling below $600 yesterday, and its value rose to about $587 with a market capitalization of about $80 billion.
- The bullish momentum in the cryptocurrency is supported by the previous day’s liquidity concentration.
- The cryptocurrency may face strong resistance at $600, and if it can break above this level, it will open the door to a sharp bullish momentum in the cryptocurrency.
While the majority of cryptocurrencies are silent without any major price movements, BNB, the native cryptocurrency of the BNB chain, gave a sign of recovery after rising more than 2% on the daily chart.
On April 3, BNB rose to around $587 with a market cap of $80 billion. This upward momentum was seen after the price of the cryptocurrency fell below $600 the previous day, according to CoinMarketCap.
BNB price is gaining momentum after a decline in the market
During yesterday’s sharp decline, BNB gathered liquidity from the previous low and created a 4-hour fair value gap between $592.2 and $609.3. If the price can break through this area during trading, the bullish momentum is expected to continue towards the previous highs at $652.70.
The price of BNB fell hard yesterday afternoon, quickly falling towards $570 before buyers stepped in and never looked back. This was not a sudden rise, but rather a steady and methodical rise through the $580 level to $587.46. That’s a full recovery and then some. The flow seemed intense at that moment, but it didn’t hold.
(source: Coin Market Cap Community)
Each attempt to decline was absorbed, and the price began to move to lower levels during the evening and into today. This is not a weak bounce; Instead, controlled buying pressure was silently doing its work. However, the entire cryptocurrency market, incl BitcoinIt currently passes through the Al-Tawhid area.
One major development that has helped interest in BNB is Binance adding a new prediction market feature to its wallet. the Crypto exchange It allows users to trade real-world events such as sports, politics, or cryptocurrency news directly within the wallet, often using BNB or related tokens. The tool works with third-party services built on the BNB chain, which can bring more users and activity to the ecosystem.
According to technical analysis, BNB price is on a recovery path. It fell from higher levels near $610 to $620 earlier this week but found buying support around the $570 to $572 area today. The 2% rise comes as an uptick in turmoil in the cryptocurrency market which has been mostly sideways or slightly downward over the past seven days.
Moving averages are one of the simple tools that traders watch. Short-term averages like the 5-day and 20-day are currently pointing lower, which many indicators say are sell signals at the moment. The longer-term averages, 50 days and 200 days, are mixed. Some are still sloping higher than in previous months, but others are beginning to flatten.
In general, moving averages tend to be neutral and slightly bearish in the very short term. The Relative Strength Index (RSI) is in the neutral zone near 49, which means that the cryptocurrency is neither oversold nor overbought. The MACD indicator indicates bearish momentum, which means that the bullish momentum of the cryptocurrency is not strong. Trading volume is good and above average, supporting this small 2% move rather than being fake or random.
The main support is currently around $580. If the price drops below that, it could slide towards $570 or $560 in a worst-case scenario.
On the other hand, if its price starts to rise in an uptrend, it may face major resistance at $600. The next price target is $620 to $650.
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