BNB Price Analysis: Is The Layer 1 Token Set to Hit New Highs in 2024?

Binance Coin (BNB) is the native cryptocurrency of the Binance exchange and has been on a wonderful upward trajectory in recent weeks. According to the latest statistics today, 2nd April 2024, BNB is currently trading at $565.05, with a 3.74% decrease over the past 24 hours. Despite the daily dip, the cryptocurrency has a market capitalization of $84.5 billion, ranking it as the fourth-largest digital asset by market cap.

BNB Data Chart (CoinMarketCap)

The trading volume for BNB in the past 24 hours stands at $2.23 billion, which is a 38.15% increase. With a circulating supply of 149,535,740 BNB and an equal total supply, the market appears to be well-supplied with the token.

BNB Technical Analysis

Over the past month, BNB's performance has been nothing short of bullish. The layer 1 token has soared to over 37%, reaching a remarkable high of $645 on March 16th. This rally brought BNB  close to its all-time high of $704.6, which was set in early May 2021. The recent price surge has fueled investor confidence, with many anticipating that BNB's price will surpass its historical peak sooner rather than later.

BNBUSD Weekly Price Chart (TradingView)

Technical analysis suggests that the BNB/USD pair has been exhibiting bullish tendencies since the start of the year. The price soared high, breaking through a double resistance level of around $371 and breaking an ascending trendline in mid-February. Moreover, the price retested and continued its rally, cementing a new support level in the $503 zone.

Currently, BNB is trading within a range, with the $503 level serving as support and the $645 mark acting as resistance. The weekly Relative Strength Index (RSI) stands at 77.70, signaling a potential for further reversals, pullbacks and retracements to immediate support levels in the coming days.

On the daily chart, BNB has displayed bearish tendencies over the past couple of days, moving toward the $503 range support level. A potential breakout could see the price drop to fill the fair value gap between $437 and $462 or test the support levels at the ascending trendline below. However, a rejection at any of these support points might propel the price higher, reigniting its bullish run.

BNBUSD Daily Chart (TradingView)

The daily RSI currently reads at 53.40, indicating a neutral market sentiment. Today's bearish candle opened at $576.3 and has recorded a high of $578.3 and a low of $551.7 so far. On the 4-hour timeframe, BNB is trading within the range of $645 and $503, exhibiting a bearish bias towards the $503 support level.

As the BNB rally continues to captivate the crypto market, investors and traders alike will be closely monitoring its price movements, seeking opportunities amidst the fluctuations. The layer 1 token's impressive performance serves as a testament to the growing interest and adoption of the Binance ecosystem.