Binance coin (BNB) price consolidated below $675 on Thursday having received a 1.8% boost as US Fed rate pause decision boosted markets sentiment. How far can the bulls extend the BNB price rebound phase?
Binance Coin (BNB) BNB tops $670 as Crypto market rebounds
Binance Coin (BNB) remained below $675 on Thursday as the broader crypto market reacted positively to the US Federal Reserve’s decision to pause interest rate hikes. This development bolstered investor confidence, driving inflows into risk assets and lifting market sentiment.
Over the past 24 hours, the global cryptocurrency market capitalization increased by 1.1%, amounting to nearly $30 billion in fresh capital, per Coingecko data.
Binance Coin price action vs. Crypto Market Performance | January 30, Coingecko
At press time, BNB price traded at $672, reflecting a modest 1.8% gain on the day. The exchange token has benefited from rising market volumes, a trend that historically signals higher demand for trading-related assets.
However, despite the favorable macroeconomic backdrop, BNB’s price remains constrained by key resistance levels, leaving traders cautious about the next major move.
Rising Volatility Favors BNB’s Upside Potential
BNB has consistently outperformed many altcoins due to its integral role within the Binance ecosystem. The recent expansion of Binance’s services, coupled with increasing spot and derivatives trading activity, has added to the token’s bullish fundamentals. More so, with exchange tokens generally exhibiting strong correlation with market liquidity cycles, BNB appears well-positioned to capitalize on the recent shift in market sentiment after latest Fed rate pause.
Santiment chart above shows how BNB 1-Week Price Volatility Score has increased considerably in the last 2 days, moving from 0.009 on January 26 to hit 0.02 at press time on January 30.
Binance Coin (BNB) Price Volatility | Source: Santiment
Generally, rising price volatility signals intense market interest. Albeit with alternating imbalance between demand and supply, often driving up, rising volatility often drives up economic value created on a blockchain network.
This is further emphasized as historical trends in the chart shows how price breakouts for BNB were often precede by spikes in volatiltity. In essence BNB’s current consolidation phase may set the stage for a push above $675.
BNB Price Forecast; Bulls back in Control if $690 Resistance Caves
Binance Coin (BNB) is showing a consolidative price action near $671.51, trading within a tight range as the market digests recent macroeconomic developments.
The falling wedge pattern previously formed has already played out, leading to a breakout, but the price remains below key resistance at $689.47. Bollinger Bands suggest compressed volatility, often preceding a significant move, with the upper band aligning with the $720.98 target.
If bulls manage to push the price above $689.47, a breakout rally toward $720.98 could materialize, in line with the wedge’s projected target.
Binance Coin (BNB) Price Forecast
On the bearish side, the presence of multiple rejection wicks near the 20-day moving average and upper Bollinger Band suggests a lack of sustained momentum.
If BNB fails to reclaim the $689.47 level, it risks slipping toward the lower Bollinger Band at $657.96, which acts as immediate support. The Accumulation/Distribution Line (ADL) shows a steady uptrend, indicating underlying buying interest, which slightly favors the bullish case.
However, a breakdown below $657.96 could invalidate this outlook, exposing BNB to further declines toward the $625 region.
The post WIll Binance Coin (BNB) Price cross $700 as Crypto Markets See $30B Inflows appeared first on CoinGape.
