Binance Coin (BNB) Price Reaches $720 ATH: What’s Next for BNB?

• Binance Coin (BNB) price rose to an all-time high (ATH) of $720 on June 6. If buying pressure continues, it could trade above $750.

Binance Coin (BNB) witnessed a minor correction after rising to an all-time high of $720 during the June 6 trading session.

Data from CoinStats showed At press time, the altcoin was trading at $706, down 2% from its all-time high.

Demand for BNB Surges

Before June 3, BNB was trending within a horizontal channel. This channel forms when the price of an asset consolidates within a certain range over an extended period of time.

The upper line of this channel forms resistance and the lower line forms support.

For BNB, bears formed resistance at $632, while bulls defended the coin price at $518, forming long-term support.

Due to a surge in buying activity last month, BNB rebounded above the upper line of this horizontal channel on June 4, closing at $686.

Bulls have maintained their upward momentum in the BNB market over the past few days, with buying momentum outpacing selling activity.

This is gathered by reading the coin’s momentum indicator. For example, BNB’s Relative Strength Index (RSI) and Money Flow Index (MFI) were 77.82 and 75.91 at the time of writing.

At these values, these indicators suggested that buying activity was outpacing profit-making activity among BNB traders.

Confirming the surge in coin demand, CMF (Chaikin Money Flow) stayed above the 0 line at 0.20.

This indicator measures the momentum of fund flows into and out of asset markets. Positive CMF values ​​indicate market strength. This means that coin accumulation takes precedence over distribution, providing liquidity.

Additionally, in a sign that bulls dominate bears, BNB’s Elder-Ray index was 115.7. On June 4th, the indicator returned only positive values ​​as the coin crossed the resistance line.

This indicator measures the relationship between the strength of buyers and sellers in the market. When the value is positive, bull power dominates the market.

If buying pressure continues, BNB could rally and change hands at $754.

However, if this is nullified and profit-taking activity surges, the BNB price could fall from $700 to below $690.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in is not liable for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.