BNB Price Reaches Record High

The Binance Coin (BNB) achieved a remarkable milestone as its price surged to a new all-time high of $716 on a recent Wednesday. This surge propelled BNB's market capitalization above $100 billion, accompanied by a substantial trading volume of $3.5 billion.

BNB, the native token within the Binance ecosystem, has experienced an unprecedented increase, with its market cap surpassing the $100 billion mark.

BNB Surges to New High

On a significant day in the crypto market, BNB price witnessed a remarkable 17% surge, reaching its peak value ever recorded.

This surge coincided with a positive movement in Bitcoin's price, as it crossed the $71,000 threshold for the first time since May 21.

BNB's bullish momentum enabled it to break past its previous all-time high, reaching $716 on various cryptocurrency exchanges.

After a brief period of trading at $592 on June 1, 2024, Binance Coin outperformed other top 10 coins by market cap. The surge in price elevated BNB's market cap to $110 billion, positioning the cryptocurrency as the 4th largest by market cap, trailing behind USDT, Ethereum, and Bitcoin. The daily trading volume surged to $3.5 billion.

Positive Outlook for BNB Price

The upward trajectory of BNB's price aligns with the growing optimism surrounding the Binance exchange within the community. The Launchpool feature on the platform has proven to be a popular offering, facilitating BNB holders to acquire new assets such as the prominent Notcoin (NOT) token.

While BNB's current trading value hovers around $706, market analysts anticipate a potential push towards further gains above the $700 mark. The optimistic outlook will strengthen if buyers manage to breach the initial resistance zone around $716.

A breakthrough above $750 could trigger a flurry of buying activity, a scenario that has garnered positivity from crypto experts regarding BNB's price trajectory.

The weekly chart analysis on TradingView reflects a substantial 17% price surge for BNB over the past three days.

Market Indicators

On the daily chart, the breakout from the ascending triangle formation has pushed the Relative Strength Index (RSI) into the overbought region. Despite this, the RSI is not excessively high, and the Moving Average Convergence Divergence (MACD) indicator displays a bullish bias, indicating sustained buying pressure.

According to Coinglass data, the open interest in BNB has reached $1.1 billion, marking a notable 24-hour change of +39%.

Source: The Bit Times