- BNB recently bounced from the support line of a symmetrical triangle pattern, indicating bullish sentiment.
- A close above $635 could lead to a rally to $692, breaking the ATH.
Binance Coin [BNB] has been a standout performer in the cryptocurrency market over the past few years. But the question on every investor’s mind is: Can BNB break its all-time highs this year?
Even as the rest of its peers rally on, the altcoin has remained moderately bullish.
A quick look at BNB’s current standing
Over the past year, BNB has experienced some major price fluctuations. At press time, BNB is trading significantly below its all-time high of $690, reached in May 2021.
The altcoin turned up from the support line of the symmetrical triangle pattern on May 20 and rose above the resistance line, meaning that the bulls still have the upper hand.
BNB reached the critical overhead resistance of $635 on 21st May. This level will likely act as a stiff block, but if the bulls do not cede ground to the bears, it will improve the prospects of an upside breakout. A close above $635 could clear the way for a rally to $692.
Source: TradingView
The 20-day EMA, around $590, is also an important support level. Maintaining above this level will allow BNB to sustain bullish momentum.
Derivatives data shows a noticeable decline in trading volume by 16.69%, meaning there is less trading activity and reduced interest at the current price levels.
Source: Coinglass
Potential catalysts and outlook
Despite some contrasting signals from search activity and whale actions, the overall market sentiment towards BNB is strongly positive, as indicated by the Greed level on the Fear and Greed Index.
It clearly shows that the market is bullish on BNB, potentially anticipating a massive rally.
Is your portfolio green? Check out the BNB Profit Calculator
Source: CFGI
Given the very positive volume, dominance, and impulse, along with the positive social sentiment and order book condition, the short to medium-term outlook for BNB looks bullish.
Historically, BNB has been the most stable cryptocurrency. Even during a severe crypto winter last year, the coin didn’t plunge as much as the other cryptocurrencies. Its potential for a massive bull run this cycle is generally agreed on by the community.