All about BNB’s record-breaking week – Is $900 on the horizon?

1 week ago 197
  • BNB’s precise dropped by much than 1% successful the past 24 hours.
  • In the lawsuit of a terms correction, the coin mightiness driblet to $687.

BNB showcased a spectacular show past week arsenic the coin’s terms reached an all-time high. If the latest information is to beryllium believed, past this mightiness conscionable beryllium the beginning, arsenic BNB mightiness proceed its uptrend.

However, bears stepped up successful the past 24 hours. Will this interaction the coin’s bull rally? 

BNB to interaction $900

AMBCrypto reported earlier however BNB gained bullish momentum and touched an ATH. This caller terms scope has attracted much traders, starring to a surge successful unfastened involvement to its highest level successful months.

Thanks to the emergence successful price, the token’s societal measurement spiked sharply, reflecting a emergence successful its popularity.

Its weighted sentiment accrued substantially connected the 5th of June, which meant that bullish sentiment astir the coin was ascendant successful the market. 

BNB's societal  measurement   increased

Source: Santiment

World Of Charts, a fashionable crypto analyst, precocious posted a tweet highlighting an absorbing development.

As per the analysis, BNB mightiness conscionable beryllium successful the mediate of a bull rally arsenic it has the imaginable to turn by 49%. If that surge happens, past investors mightiness witnesser the coin transverse $900 successful the coming weeks oregon months. 

Is BNB’s bull rally ending?

Though the aforementioned information looked optimistic, bears took power implicit the past 24 hours arsenic the coin’s worth dropped.

According to CoinMarketCap, the coin’s terms declined by implicit 1% implicit the past day. At the clip of writing, the coin was trading astatine $699.13 with a marketplace capitalization of much than $103 billion.

AMBCrypto’s look astatine Santiment’s information revealed that the coin’s backing complaint accrued sharply.

BNB's backing  complaint   increased

Source: Santiment

This looked bearish, arsenic generally, prices thin to determination the different mode than the backing rate.

On apical of that, BNB’s fear and greed index had a worth of 87% astatine property time, meaning that the marketplace was successful an “extreme greed” phase.

Whenever the metric hits that level, it indicates that the chances of a terms correction are substantially high. AMBCrypto past checked BNB’s regular illustration to spot whether its bull rally was ending. 

Source: TradingView

As per our analysis, BNB’s Relative Strength Index (RSI) was successful the overbought zone. This mightiness summation selling unit and, successful turn, propulsion the coin’s terms down.

The Chaikin Money Flow (CMF) besides turned bearish arsenic it registered a downtick. 

Read Binance (BNB) Price Prediction 2024-25  

Nonetheless, the MACD displayed a bullish vantage successful the market.

If BNB turns bearish, past investors mightiness witnesser the coin’s terms driblet to $687, arsenic liquidation would emergence sharply astatine that level.

Source: Hyblock Capital

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