Can the Binance Token Soar Past Its New All-Time High?

• BNB climbs to a new ATH at $1,236, gaining over 5%.
• Daily trading activity has jumped by over 21%.

With both the red and green flags waving across the crypto assets, their prices are swinging up and down. The assets, like Bitcoin (BTC) and Ethereum (ETH), are attempting to jump toward the bullish zone, currently trading at around $124.4K and $4.5K. Among the altcoins, BNB, the native crypto token of the Binance ecosystem, has hit a new all-time high at $1,236. 

The asset has gained by over 5.98% in the last 24 hours, and it opened the day trading at around a bottom range of $1,149. With the bullish shift in the BNB market, the price has climbed to its new ATH. The asset has tested and broken its key resistance levels between $1,154 and $1,231. BNB is currently trading at around $1,235. 

The market cap of the asset has reached $172.13 billion, with the daily trading volume up by over 21.33%, touching the $4.67 billion range. In addition, the market has observed a 24-hour liquidation event of $5.82 million worth of BNB, as per the Coinglass data. 

BNB Bulls in Action: Can They Hold the Line?

The BNB/USDT trading pair gives a positive outlook, with a few green candles lit up. The price could climb to the key resistance at around $1,241. With an extended bullish correction, the bulls might push the golden cross out, which drives the asset’s price above the $1,247 mark. 

On the downside, if the asset’s price momentum turned red, the BNB price might slip to the immediate support level at $1,229. Further correction on the downside could trigger the formation of the death cross. The bears would take the price toward a low of $1,223 or even lower. 

BNB’s technical analysis displays that the Moving Average Convergence Divergence (MACD) line is briefly above the signal line, which indicates a short-term bullish momentum. The buyers are gaining temporary control, and the price may experience a minor upward pressure. Moreover, the Chaikin Money Flow (CMF) indicator at 0.21 suggests moderate buying pressure in the market. Notably, capital is flowing into the asset, and the strength is not extremely strong.

Furthermore, the daily Relative Strength Index (RSI) found at 74.46 implies that the asset is in the overbought zone. Buyers have been dominating, and the price may be due for a pullback or consolidation soon. BNB’s Bull Bear Power (BBP) reading of 88.31 signals a strong bullish dominance in the market, and the upward momentum may continue.

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