Binance Coin (BNB) has experienced a significant surge of 6%, reaching a price of $635 for the first time in almost three months.
If BNB manages to maintain its position above the $650 mark, it could potentially reach a new all-time high of approximately $700.
During the weekend, Bitcoin remained relatively stable with minimal movement. However, on Monday, it saw a surge, surpassing $69,000 for the first time this month. Altcoins followed suit, with minor gains alongside BTC. Ethereum also rose by 1%, reclaiming the $3,800 level. Among the larger-cap altcoins, Binance Coin (BNB) emerged as the top performer, surging by 6% to reach $630.
After a decline lasting for a month, BNB has finally regained its momentum as indicated by the green daily chart. In the previous month, bears dominated the market, resulting in the coin’s price dropping to $562 on May 15th.
However, bulls have taken charge in the past 24 hours, pushing the price of BNB to the $635 range. At the time of writing, the coin is being traded at $630, with a market capitalization of over $92.98 billion, making it the fourth largest cryptocurrency. Additionally, the daily trading volume of BNB has increased by over 53% to $2.58 billion.
Earlier today, Binance Coin surged above the crucial resistance level of $630, registering a significant 6% increase, with a peak at $635, its highest point in almost three months.
The question arises: Will BNB reach a new all-time high?
In 2024, Binance is making a recovery after months of a downtrend, with a return of 102% since the beginning of the year. This surge in BNB’s price reflects the overall market’s rebound. Furthermore, the coin’s weighted sentiment has noticeably improved, indicating a rise in bullish sentiment over the past few days.
After a temporary dip to $250, the price of BNB has recovered and experienced a surge of 172% in the last six months. Despite this rally, BNB is still trading 8% below its all-time high of $690. However, Binance Exchange maintains its position as the largest cryptocurrency exchange in terms of volume and one of the most reputable centralized exchanges.
With Binance’s expanding range of services within its ecosystem, the upward trend of BNB is expected to continue. If the uptrend persists and manages to trade above the $650 range, BNB may witness a new all-time high above $700 by the end of June.
On the downside, if BNB fails to maintain its resistance above $600, the cryptocurrency could experience a decline to as low as $520, with an average price ranging from $550 to $530. Moreover, the social volume for BNB has remained high throughout the previous week, highlighting its popularity within the crypto community.