TLDR
- BNB price is recovering above the $620 resistance zone after finding support at $600
- Bitcoin’s rally to $88,000 appears to be driving a market-wide recovery
- Technical indicators show BNB faces resistance at $630 with support at $622 and $615
- BNB is up 13.4% in the 14-day charts despite a 0.3% daily dip
- CoinCodex predicts BNB could reach $1,000 by April 10 and potentially hit $1,610 by May 11
BNB price is showing strong recovery signs after finding solid support around the $600 level. The cryptocurrency is now trading above the $620 resistance zone as the broader market enters what appears to be another bullish phase.
The price movement comes as Bitcoin has reclaimed the $88,000 price point. This follows BTC’s recent drop to levels below $79,000.
BNB is currently experiencing mixed performance across different timeframes. The asset shows a small daily decline of 0.3% and a 1% drop in monthly charts.
However, the bigger picture reveals more positive momentum. BNB has gained 2.5% in weekly charts and an impressive 13.4% over the 14-day period.
Since March 2024, BNB has increased by 6.4%. This recovery is part of a broader market trend that has pushed the global cryptocurrency market cap back to $3 trillion.
Technical Analysis
Technical analysis shows BNB broke above several key resistance levels including $618 and $610. The price even recovered above $625, following similar patterns seen with Ethereum and Bitcoin.
BNB managed to break above the 23.6% Fibonacci retracement level. This level is calculated from the recent downward move from the $645 swing high to the $615 low.
Currently, BNB trades below $630 and the 100-hourly simple moving average. The price faces resistance near the $628 level on the upside.
A bearish trend line is forming with resistance at $627 on the hourly chart. Additional resistance sits near the $630 level, which corresponds to the 50% Fibonacci retracement level.
If BNB can break clearly above the $630 zone, the price could move higher toward the $638 level. A successful close above $638 might set the stage for a larger move toward the $650 resistance.
Should BNB fail to clear the $630 resistance, another decline could begin. The first support on the downside is near $622, with major support at $615.
The main support remains at $600. A break below this level could take BNB toward $585 or potentially $565 in a larger decline.
Technical indicators provide additional insight into BNB’s current state. The MACD for BNB/USD is gaining momentum in the bullish zone, while the RSI remains above the 50 level.
BNB reached an all-time high of $788.84 in December last year. The current price represents a 20% drop from that peak.
According to predictions from CoinCodex, BNB may enter another bullish phase in the coming weeks. The platform anticipates continued rally for the foreseeable future.
CoinCodex forecasts BNB to breach the $1,000 mark by April 10. Their most bullish prediction suggests BNB could hit a new peak of $1,610.24 by May 11.
If realized, this would represent a 154.64% price increase from current levels. However, CoinCodex doesn’t expect BNB to maintain prices above $1,000 for long, predicting a correction shortly after reaching the peak.
The broader crypto market recovery appears linked to several factors. The SEC dropping its litigation against Ripple and announcing four more crypto roundtables may have improved sentiment.
Additionally, the US announcement about easing tariffs might have boosted overall investor confidence. These developments collectively appear to be driving the current market recovery.
For BNB, the immediate focus remains on whether it can clear the $630 resistance level. This will likely determine if the recovery continues toward higher targets or faces another pullback.
