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The fluctuation in cryptocurrencies continues, and as Bitcoin trades within a narrow range, most altcoins are unable to overcome their resistances. The ups and downs in BTC prices offer short-term investors attractive buy/sell opportunities. However, most altcoins have not yet started the anticipated major upward movements. Of course, there are some exceptions. For instance, BNB Coin continues the day with a 6% gain at $620.
BNB Coin Commentary
For days, we’ve been discussing that the BNB Coin price could attempt a new trial at $645. The price has now once again surpassed $615 and must convert $645 into support to reach the ATH level. Despite the general market sentiment affecting the BNB Coin price negatively, it has managed to stand out for a while due to its massive market value.
The trigger for market fluctuations has been ETF inflows and outflows. ETFs, which have seen strong inflows since January, caused panic with a record outflow of nearly $900 million in a single day. However, this did not last long. There has been a significant decrease in outflows from the GBTC fund, with $104 million exiting on March 28th.
BNB Coin’s price increased by 61% in March, but after reaching the $645 peak, it fell and is now targeting this area again. Although it is only a stone’s throw away from the ATH level, the total locked value in the network at the time of the 2021 peak was about twice the current, around $15 billion, reflecting the excessive demand.
What Will BNB Coin’s Value Be?
In futures trading, long positions are still dominant but at a 0.6% level, and they need to climb to 1.2% to reflect an excessive bullish sentiment. So, while there is potential support for a massive rally on the futures side, the price is not currently supported.
As the article is being prepared, the price has not managed to sustain above $620. If it can achieve this, it can focus on the targets of $645 and $669. After that, BNB Coin bulls will need to set their sights on the $700 threshold peak. Ultimately, if BTC can climb to its all-time highs, BNB Coin, having largely resolved its legal issues, can do the same.
BNB Coin, expected to see four-digit prices in the bull market, could drop to levels of $560 and $495 if it fails in its current attempt.
