In the middle of the market retirement today, BNB leads the market with a overvoltage of 9% and exceeded Solana after having reversed the market capitalization of the cryptocurrency. Some analysts suggest that BNB’s escape could try to recover the level of $ 700 and target the new heights.
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BNB directs the cryptography market
Wednesday, the cryptography market recorded another traceBitcoin (BTC) falling at a hollow of a week of $ 94,000. The rest of the market has recorded red numbers, with most cryptocurrencies in the top 10 bleeding.
Meanwhile, BNB, previously known as Binance Coin, Swan against the current today, jumping at a maximum of 12 days of $ 689. The cryptocurrency experienced a solid Q4 2024 after recovering the resistance of $ 700 as a support and reached a summit of $ 750 of all time in December.
However, the start of the year retirees interrupted BNB’s momentum, sending the cryptocurrency below the $ 700 bar on the day of the inauguration to oscillate between the price range of $ 680 and $ 660.
The depth correction In addition, cryptocurrency has been lower than its lowest evaluation since September. The BNB temporarily fell to $ 500, which leads to the feeling of the market in uncertain territory.
Since then, cryptocurrency has climbed 34% compared to recent stockings, regularly recovering key support areas. Today, the token has jumped 9%, releasing the resistance zones of $ 660 and $ 670 for the first time in 12 days.
The push saw the BNB lead the cryptography market, being the only token in the top 10 by market capitalization (MC) to record the gains throughout Wednesday morning. In addition, the cryptocurrency overturned Solana as the fifth largest cryptocurrency by market capitalization after reaching $ 96 billion.
Lookonchain chain data analysis company note That the BNB chain has treated 68.3 million transactions in the last 30 days, making it the main EVM channel by 30 -day transactions.
$ 700 escape at the corner of the street?
Crypto Ali Martinez analyst sharp That BNB could prepare for a massive movement when approaching a key resistance zone between $ 660 levels and $ 680.
Depending on the position, the cryptocurrency is facing “Multiple technical obstacles” in this area, including the Simple 200, 100 and 50 Mobile average (SMA), Fibonacci’s retrace 0.382, the TD sequential resistance trend line and the sequential TD risk line.
The analyst said that permission from these levels could “report the next major movement”. Meanwhile, analyst Elja Boom suggested This BNB could be about to follow its 2021 game book.
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The analyst stressed that cryptocurrency follows the same structure and the same trajectory as four years ago, which could indicate a potential overvoltage of new heights.
BNB tries to recover its level of monthly opening and to retest the barrier of $ 700. A wave above this level could send Cryptocurrency at its line of downward trend of two months and “push the bullish overthrow again”.
To date, BNB is traded at $ 687, increasing 7.2% and 21% on daily and weekly deadlines.
Star image of Unsplash.com, tradingView.com graphic