After a few gushing hours today, the crypto market has witnessed quite a recovery, where the global market capitalization has grown to $2.08 Trillion. And the same is true with the trading volume, which is at $77.5 Billion after a 28% surge in the last 24 hours. This recovery was due to the ongoing discussions over the Fed rate cuts, thrusting the market towards elevation. As a result, the BNB price has also begun to follow the trend and is gaining momentum with every passing hour, surging more than 7% over the week.
BNB Price On The Rise For Days Now
Binance Coin (BNB) has been among the top five cryptocurrencies in the market for a long. This popularity and demand come from it being the native token of one the biggest crypto exchanges, Binance. However, similar to many well-performing tokens, BNB has also struggled on the charts this year, especially with the many legal obstacles. But that is turning away slowly, and even the Binance Founder CZ’s Release date is set for September 29, which might put the token in the limelight.
The token grew heavily during June’s bullish rally, hitting the $710 mark, closer to the ATH of $720.67. However, the market turned neutral, and the BNB price dropped to as low as $464 earlier. Since then, the token has improved quite a lot, and currently, the Binance Coin price is $545.52 after a 1.4% surge today, which is a good sign. It has maintained its value above the $525 mark for days and has crossed the Pivot at 511, moving towards the first resistance at 587.8. If the token succeeds in breaking the first resistance, an uptrend is likely to continue. It might push it towards $600, a new month ATH.
Can BNB Price Surge To ATH?
If the BNB price maintains the trend and breaks the first resistance at 587.8, beating the bulls at 551, it might hit $600. However, anticipating a run to the all-time high of $720.67 is less likely to happen anytime soon. It becomes more clear with the token’s failure to get closer to the ATH in the last three months.
The technical factors indicate that the token is in a buying zone, which hints at upcoming gains. However, the current push is not big enough to bring it to new highs, especially as the overall market condition has not been very bullish. A significant hike above the current level might trigger the sellers, as indicated by SME (100, 200) lines.
Many analysts are now eyeing the FED’s decision on the rate cuts to trigger the Bitcoin rally, which might eventually boost the entire crypto market. As the world awaits the rate cuts between 25, 50, and 75 bps options, Peter Schiff has forecasted that rate cuts won’t help Bitcoin price. It will only crash the dollar and reignite inflation, said Peter, disappointing crypto investors.
Final Thoughts
Today has been a recovery day for many of the cryptocurrencies, including BTC, whose value has surged almost 3%, currently at $60.3K, followed by BNB and many others. As the BNB price aims to break the resistance at $587.7, the holders are awaiting an ATH despite the presence of the bulls in the market. Additionally, with the eyes of FED rate cuts, a lot is at stake, including the crypto market’s bull run.
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