Key insights
- BNB increased by more than 4% in the past 24 hours, reaching a new all-time high of $882.
- Binance’s native token may approach the $1k psychological threshold in the medium term.
BNB achieves a new all-time high
The cryptocurrency market showed positive momentum on Wednesday after a couple of days of consistent decline. Bitcoin recovered to trade above $114k after dipping to the $111k mark earlier this week.
Ether, the top altcoin by market capitalization, maintained its price around the $4,100 support level and is now trading around $4,300 per coin. However, BNB, Binance’s native token, garnered attention after reaching a new all-time high.
BNB appreciated by 4% in value over the last 24 hours, achieving a new all-time high price of $882 four hours ago. This strong performance highlights BNB’s resilience during the recent market correction, as it didn’t face significant losses. This resilience enabled it to swiftly bounce back and reach a new all-time high. The latest achievement underscores Binance’s position as the leading cryptocurrency exchange globally by trading volume, as the BNB coin continues to attract users.
The surge in BNB’s price comes at a time when Bitcoin’s dominance, which measures the leading cryptocurrency’s share of the total digital asset market capitalization, is nearing a fresh six-month low. The declining Bitcoin dominance suggests that smaller and riskier tokens are leading market gains, prompting analysts to indicate that the altcoin season may have arrived.
BNB targets $1k as bullish momentum strengthens
The BNB/USD 4-hour chart shows a bullish trend and strong efficiency following BNB’s recent record high. With this efficiency, BNB might be poised for another upward move. Technical indicators suggest that bulls are currently dominating the market.
The RSI at 59 indicates that BNB is not yet in the overbought territory, allowing further growth potential. The MACD lines remain in positive territory, indicating bullish momentum.
At the time of writing, BNB is trading at $862, down 2% from its all-time high. If the upward trend continues, BNB could reach the $900 level within the next few hours or days. A sustained bullish trend may enable BNB to approach the $1k mark for the first time in its history.
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