The Binance coin (BNB) has seen a rollercoaster ride in the past week, starting off strong with bullish price action only to experience a sharp bearish pullback overnight. This sudden reversal has led to BNB losing its 05th position to Solana in terms of market cap dominance, with BNB currently holding a market cap of $94.93 billion, representing 2.9518% of the market.
Given the current market sentiments, many are wondering whether BNB will be able to regain momentum and dominate the altcoin season this year. In this article, we delve into the market sentiments and provide a short-term analysis of BNB’s price outlook.
Binance Price Records A Strong Bearish Reversal Overnight
Despite a 13.82% increase over the past seven days, BNB has experienced an 8.82% drop overnight. Over the last 30 days, BNB has decreased by 4.41% and has a year-to-date return of 4.95%. With a market cap of $94.93 billion, BNB currently holds the 06th position in the market.
Looking at technical indicators, the Moving Average Convergence Divergence (MACD) shows a consistent green histogram in the daily timeframe, signaling a positive long-term influence on the BNB price chart. Additionally, the EMA 50/200-day moving averages exhibit a similar price action in the 1D timeframe, suggesting potential further gains in the near future.
Will BNB Price Rise Back Up?
In a bullish scenario, BNB could retest its immediate resistance level of $720 and potentially move towards the upper resistance level of $750. However, if bearish sentiment prevails, BNB may drop towards its important support trendline of $635. In the event that bears dominate the market, BNB could fall towards its lower support level of $600.
For those concerned about the long-term price outlook of BNB, it may be worthwhile to check out CoinPedia’s latest Binance Price Prediction 2025 for more insights.
FAQs
Is Binance a good investment?
With increasing bullish momentum and rising dominance, Binance’s price could fluctuate between $1,893 and $2,749 by the year 2030.
How much will 1 BNB be worth in 2025?
Assuming the bullish sentiment persists, Binance’s price could range between $761 and $1,292 this year.
What is the price of 1 Binance?
At the time of writing, the value of one BNB token was $665.
Overall, while BNB may have experienced a setback in the short term, its long-term prospects remain promising. As always, it’s essential to stay informed and monitor market trends to make informed investment decisions.