BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables users to smoothly execute Isolated Margin orders, utilizing assets from both their Spot and Margin Wallets without the need for manual transfers. As such, the hassle of moving assets before trading is eliminated.
Despite the price increase, analysts remain bearish on the Binance Coin. Data by Santiment shows that BNB’s Funding Rate and the Weighted Sentiment dropped. This suggests that the negative sentiment around the digital asset has not yet faded.
BNB Price Technical Analysis
The daily chart shows that the BNB price has been slowing down for the past two days, after rallying by more than 20% this week. At the time of writing, the BNB price was trading 1.73% lower at $317.3. Its Relative Strength Index (RSI) shows that the asset is in the overbought territory, hence BNB is likely to experience a price reversal.
The altcoin has been struggling to break above the key hurdle at $339, since it was first formed in May 2022. The digital asset has been rejected from this level ten times so far. Due to the nature of the barrier, the BNB price might experience a small pullback at the level. As such, investors need to be prepared for a potential correction to the important level of $300. On the other hand, flipping $339 into a support floor would pave the way for further gains to $400.
BNB Price Chart
