BNB price rose to $55.07, its highest ever price level as most altcoins turned green
Binance Coin (BNB) has soared to a new all-time high above $55 as bulls look to strengthen their grip amid a broader rebound in the altcoin market.
BNB price is up 13% in the past 24 hours, with price action seeing bulls touch a new all-time high of $55.07 on Binance. The previous all-time high was $52.14, reached just a day ago (01 February 2021).
As of press time, BNB/USD is trading around $52.38. Buyers are likely to push higher, but increased profit booking could encourage bears hungry for more damage.
If bulls keep the price above $50.00, it’s likely another leg up in price discovery territory would set BNB towards a new ATH.
Binance Coin mirrors top altcoins
The price of Binance Coin might benefit from an overall positive outlook in the crypto market. Top altcoins are seeing major upsides, including Ethereum (ETH), Cardano (ADA), Polkadot (DOT), and Litecoin (LTC). The top ten coins have added more than 6% to their respective values in the past 24 hours.
Ethereum has moved 10% to hit a new all-time high, even as sentiment across the crypto market shifts bullish on altcoins.
Notably, however, recent pumps from XRP and Dogecoin (DOGE) are seeing significant retracements. Ripple’s XRP is down 41% after rallying nearly 300% to highs of $0.75. DOGE is down 15% after pumping hard for the past several days.
BNB price analysis
Reaching a new all-time high is an indication that Binance Coin bulls are in control. This is evidenced by the cryptocurrency’s price action in an expanding rising wedge pattern.
The daily chart shows price is again trending near the upper trendline of the wedge pattern. A continuation of the trajectory would see BNB/USD break higher, with resistance likely at the $55 level.
BNB/USD daily chart. Source: TradingView
Note the potential for a doji candlestick, which suggests serious profit-booking is in play. But just as well, buyers are equally determined and are looking to buy the dip. A doji candlestick at close would suggest an impasse between bulls and bears.
In this case, bulls will need to hold above $47.00 to remain in control. Bears will, on the other hand, look to break below this critical support level.
BNB price could likely settle into consolidation if it drops below the support line mentioned above. The 20-day EMA ($43.72) and the lower trendline of ascending broadening wedge pattern provide initial support.
A breakdown below the support line could lead to more panic selling, with prices likely drop to the 50-day EMA line at $39.36.
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