The Binance Coin price has struggled in the past few trading sessions. BNB is trading at $502, which is 25% below its all-time high of $635. Its market capitalization has dropped to more than $77 billion while its volume has climbed by more than 2% in the past 24 hours.
The background: Binance Coin, the native currency of the Binance Chain, rallied to an all-time high last week as the enthusiasm of the Coinbase listing surged. As this hype faded, the currency erased some of the gains it made last week. This has pushed the currency down by 25% from its ATH. Other currencies like Bitcoin, Ethereum, and Ripple have also retreated substantially.
Nonetheless, the third-biggest cryptocurrency in the world has done well. It has already risen by more than 125% this month, bringing the year-to-date gains to more than 1,380%. The most notable Binance Coin news was that the developers burned a record $393 million of BNB in the first quarter, as shown below.
Binance Coin Price Prediction
The daily chart below shows that the BNB price has retreated slightly lately. The currency remains above the important support at $365. It is also above the 25-day and 15-day exponential moving averages (EMA). Notably, the currency has formed what looks like a bullish flag pattern that is shown in black.
Therefore, in my view, it will likely resume soaring as bulls target the next target at $750, which is above 50% above the current level. This prediction will be invalidated if it moves below the support at $362.
Don’t miss a beat! Follow us on Telegram and Twitter.
BNB price chart
Follow Crispus on Twitter.