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BNB coin is at a point where the buying impulse is accelerating. This momentum is especially visible as the Bitcoin price has risen above $52,000. On the other hand, the intraday trading volume for Binance coin is also at the level of $495 million. Will all these developments lead BNB coin to the $400 levels?
What is the Current Price of BNB Coin?
Following the rise of the cryptocurrency Bitcoin to the $52,000 level, significant increases have been observed in altcoins. At this stage, the price increase momentum for BNB coin is above the $300 mark. The renewed buying pressure has increased the cryptocurrency price by 12% within two weeks. BNB coin is currently trading at the $333 level. This recent rise has supported buyers from the general resistance of the flag pattern and paved the way for a higher rally in the near future.
Altcoin BNB coin has undergone a steady correction since the beginning of 2024. Accordingly, a pullback starting from the high resistance at the $338 level resulted in a 15% price drop, bringing the cryptocurrency’s price down to $287.
Looking at the daily chart, the pullback is identified as the formation of a flag pattern. Accordingly, this rising formation supports a positive turnaround in the price of the cryptocurrency BNB coin. This reversal has increased the altcoin’s value by 16.5% within three weeks, reaching the current trading price of $332.
Are There Other Factors That Could Affect BNB Price?
Another situation that could affect the cryptocurrency BNB coin may be related to Binance’s former CEO. This is because this week’s development in the case involving former CEO CZ resulted in the trial being postponed to another date.
Changpeng Zhao’s penalty, due to a violation of the Bank Secrecy Act, has been postponed to April 30th. After admitting his guilt, CZ faces a maximum of 18 months in prison. The cryptocurrency Binance coin recently lost its position as the fourth-largest cryptocurrency to Solana and fell to fifth place. If BNB coin manages to maintain its current recovery momentum, the price could rise to $350 and then to $400.
