- Summary:
- BNB price has gained more than 151 percent year-to-date, but a new record high sets it up for something bigger. But there's a risk.
The altcoin season is here and BNB price is getting the most out of it. The coin has surged 27% in the last seven days, bringing its year-to-date gains to 151%. XRP and Hedera Hash graph are by far the most successful of the altcoins in this market rally cycle. However, BNB’s late entry to the party means it offers investors relatively cheaper entry points.
BNB coin price was up by 6% and traded at $781 at the time of writing, having eased from an all-time-high price of $793 set moments earlier. That has created a strong bullish sentiment that could extend the upside well past the immediate resistance at $800.
The BNB coin price upsurge has support from its staking program, whose annual percentage yield (APY) stood at 3.56% at the time of writing. That is likely to attract more investors to lock up their BNBs which could add fuel to the upward propulsion.
Meanwhile, BNB’s 24-hour trading volume was up by 148% at the time of writing, according to analytics site, CoinMarketCap. That signals a strong bullish hold of the market. Rising trading volumes during a price uptrend typically shows that investors are willing to pay more for an asset.
That said, rising to record highs means 100% of investors are currently “In the Money”. Therefore, the fundamental threat to BNB price upside is the potential profit-taking by buyers, which could bring downward pressure.
BNB Price Prediction
Pivot: BNB price pivots at $765, and the buyers are currently in control above that level as affirmed by the RSI.
Resistance: Immediate resistance is likely to be at $785. However, if the buyers strengthen their momentum, the BNB could break above that level and test $800.
Support: Breaking below the pivot will establish the first support at $749. A break below that level will invalidate the upside narrative. Also, the momentum could send the price lower to test $735.
