- On Friday, the BNB coin price increased by over 2% after slipping below $600 yesterday, soaring its value to around $587 with a market capitalization of around $80 billion.
- The upward momentum in the cryptocurrency is supported by the previous day’s liquidity concentration.
- The cryptocurrency might face strong resistance at $600, and if it manages to break above this level, then it will open a door for sharp upward momentum in the cryptocurrency.
While the majority of cryptocurrencies are silent without any major price movements, BNB coin, the native cryptocurrency of BNB Chain, has given a sign of recovery after soaring over 2% on a daily chart.
On April 3, the BNB coin soared to around $587 with a market capitalization of $80 billion. This upward momentum was witnessed after the cryptocurrency price slipped below $600 on the previous day, according to CoinMarketCap.
BNB Price Gains Momentum Following Dip in Market
During yesterday’s sharp drop, BNB collected liquidity from the previous low and created a 4-hour fair value gap (FVG) between $592.2 and $609.3. If the price manages to break through this zone during trading, the upward momentum is expected to continue toward the previous highs at $652.70.
BNB dropped hard yesterday afternoon, falling quickly toward $570 before buyers stepped in and never looked back. This was not a sudden spike but a steady and methodical climb back through $580 all the way to $587.46. That is a full recovery and then some. The flush looked sharp in the moment, but it did not hold.
(Source: CoinMarketCap Community)
Every attempt to push lower got absorbed, and the price started moving higher lows through the evening and into today. That is not a weak bounce; instead, it was a controlled buying pressure doing its job silently. However, the entire crypto market, including Bitcoin, is currently going through a consolidation zone.
One major development helping interest in BNB is Binance adding a new prediction market feature to its wallet. The crypto exchange allows users to trade on real-world events like sports, politics, or crypto news directly inside the wallet, often using BNB or related tokens. The tool works with third-party services built on the BNB Chain, which could bring more users and activity to the ecosystem.
According to the technical analysis, the BNB price is in a recovery trajectory. It dropped from higher levels near $610 to $620 earlier this week but found buying support around the $570 to $572 zone today. The 2% rise is coming as a small relief rally in the turmoil in the crypto market that has been mostly sideways or slightly down over the last 7 days.
Moving averages are one simple tool that traders watch. Short-term averages like the 5-day and 20-day are currently pointing toward lower, which many indicators say are sell signals right now. Longer-term averages, the 50-day and 200-day, are mixed. Some still slope upward from earlier months, but others have started flattening.
Overall, the moving averages are leaning toward neutral to slightly bearish in the very short term. The Relative Strength Index (RSI) is in the neutral zone around 49, which means that the cryptocurrency is neither in oversold nor overbought territory. The MACD indicator is suggesting a bearish momentum, which means that the upward momentum of the cryptocurrency is not strong. The trading volume is healthy and higher than average, which supports this small 2% move instead of it being fake or random.
The major support is currently revolving around $580. If the price falls below this, it could slide toward $570 or $560 in the worst-case scenario.
On the other hand, if its price starts to soar in the upward direction, then it might face major resistance at $600. The next price target for the same is $620 to $650.
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Source: https://www.cryptonewsz.com/bnb-price-recovers-2-spike-dropping-below-600/