BNB Airdrop Alliance Revealed as BNB Price Hits $600
Can BNB Reach New All-Time High? Credit - Hameem Sarwar
Key Takeaways
- BNB reached a high of $600 on March 13 for the first time in over 800 days.
- Today’s rally kicked off with a positive announcement from the BNB chain.
- The BNB price is less than 20% away from its all-time high of $691.
The BNB price has increased significantly in 2024, staving off a rally from SOL and maintaining its position as the second largest altcoin, trailing only ETH. A positive announcement today accelerated the increase and led to a high of $600.
As the rally unfolds, one question looms large: Will this bullish momentum persist, propelling BNB to new all-time highs, or can other factors temper this rally?
Airdrop Alliance Announcement Leads to Rally
On March 13, the BNB Chain introduced the Airdrop Alliance Program. While the BNB Chain did not share specific details for the program, it described it as a way to reward users on the Binance Smart Chain (BSC) by airdropping rewards. The announcement catalyzed the rally toward $600.
Even though the announcement catalyzed today’s rally, the BNB trend had been bullish for the entirety of 2024. The weekly time frame chart shows the BNB price has increased at an accelerated rate since breaking out from a long-term descending resistance trend line in December 2023.
Since February 2024, BNB has created six consecutive weekly bullish candlesticks. Today, it reached a high of $600, the highest price since December 2021. It is only 18% away from its all-time high price of $691.
The weekly RSI and MACD suggest the rally is overextended, yet do not show weakening momentum. This is especially visible in the RSI, which is in extreme overbought territory at 90, but has not generated any bearish divergence. Such a divergence led to the beginning of the market correction in 2021 (green line).
Additionally, the MACD shows that momentum is increasing alongside the upward movement.
Will BNB Price Reach a New All-Time High?
Aligning with the weekly time frame, the daily one suggests the BNB price will reach a new all-time high soon because of the bullish wave count.
The wave count indicates that BNB is in wave three of a five-wave upward movement. Wave three has 1.61 times the length of wave one, a potential level for a top. The BNB price has not reacted to this level yet.
Also, there is no weakness in the RSI nor MACD, a sign that the increase will continue toward the next target at $827. This will extend wave three to 2.61 times the length of wave one and will be an increase of 40%. It will amount to a new all-time high.
BNB’s Long-Term Trend Remains Strong
To conclude, the BNB price broke out through numerous resistances and reached a high of $600 today, spurred by a positive announcement by the BNB chain.
While there is potential for a short-term drop as part of wave four, if BNB does clear the $588 target, the BNB price will not decrease below its wave one high (red) at $398 if the wave count is correct.
Binance Price Prediction 2024: Changpeng Zhao Faces Jail, but What Now for BNB?
