The cryptocurrency market has been moving slowly over the past week. While several assets headed towards recovery, a few others continued moving downwards. Amidst this, Binance Coin (BNB) was seen showing signs of recovery. The cryptocurrency not only managed to rise by 3.25% throughout the last seven days, but it also jumped above the $600 mark. The real question is whether the fifth-largest cryptocurrency can maintain itself at its current price level.
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Is Binance Coin Turning Over A New Leaf?
Over the past 24 hours, the price of BNB witnessed major shifts in price. The asset jumped from a low of $595.08 all the way to a daily peak of $606.86. At the time of writing, the altcoin was trading at $606.40. It seems like Binance’s cryptocurrency could be aiming to touch $610.
It should be noted that BNB had a massive fall similar to its counterparts. The asset hit an all-time high of $793.35 about five months ago in December 2024. BNB is now trading 23.55% below this peak. Despite this, the BNB community was optimistic about the asset’s growth. According to CoinMarketCap’s Community Sentiment, 82% out of 86.2K individuals were bullish about the altcoin. Only 18% were skeptical about Binance Coin’s growth.
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Will The Altcoin Witness A Bull Run Soon?
According to data from CoinCodex, BNB investors will likely endure losses over the next couple of days. The firm revealed that the asset might drop from its current price level down to a low of $551 during this week. On April 25, Binance Coin could be priced at $559.96. This is certainly a major setback for the BNB market. But things could be changing as the community preps to step into a new month.
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