Binance Coin (BNB) Targets $800 as Oversold Signal Sparks Breakout Hopes
- Binance Coin dominates the exchange token market, claiming an 81% share after hitting a new all-time high.
- BNB trades near $775 with rising volatility, signaling a potential breakout as it flirts with oversold levels.
- Bollinger Bands indicate overheating, often preceding sharp moves; traders eye a continuation if sentiment holds.
Binance Coin (BNB) might be priming the pump for the bulls after present technical indicators suggest the token could slip into oversold territory. Chart watchers are paying close attention, in particular, to the BNB Chain indigenous token, with volatility rising, thereby setting the stage, possibly, for a significant move.
At the time of writing, Binance Coin is trading at $777.29, supported by a 24-hour trading volume worth $1.88 billion and a market cap worth $114.35 billion. The token has posted a minor 0.06% gain in the past 24 hours, reflecting an overall stable increase in line with overall altcoin gains.
Binance Coin Hits ATH, Grabs 81% Exchange Token Share
Prominent crypto analyst Ali Martinez went on social media to insist that BNB cannot be ignored. He noted that, as Binance’s BNB Chain’s native token, BNB has been leading the whole exchange token category with an enormous 81% market cap dominance in that category.
“$BNB is in price discovery after hitting a new all-time high,” Martinez stated. “It’s one of the strongest performing assets year-to-date. Don’t sleep on this one!”
Binance Coin’s strong network use cases and bullish fundamentals helped it stand out among other exchange-related coins and thrust it into an undisputed leadership role among its peers.
Also Read | Binance Coin (BNB) Price Slips Below $800 as Bulls Monitor Key Support Levels
Binance Coin Nears Move, Bollinger Bands Squeeze
BNB’s Bollinger Bands are flashing overheat signals, a typical indication that often alerts traders to a potential pullback if bullish momentum fails to persist. However, this setup can also frequently lead to sharp price increases when overall market sentiment is favorable.
Despite short-term warning signs, the Bollinger Bands are reinforcing an overall bullish outlook. The mainstream momentum and volatility monitor technical indicator confirms that BNB continues to push higher along an increasingly narrow band formation, typically a precursor to an underlying price breakdown.
At the moment, the lower Bollinger Band stands at $763.02, acting as an important support point. On the higher side, the price seems to be trading between $770.44 and $777.32, the area defined by the upper band, indicating that it still has some space to move upwards.
While the market holds its breath in hopes that BNB will maintain this breakout phase and continue its momentum, one thing becomes increasingly obvious: Binance Coin is in the spotlight again, and traders are responding.
Also Read | Binance Coin (BNB) Price Forecast: Will BNB Break $1,000 After Support Test?
