BNB Surges 13.4% in 14 Days as Crypto Market Cap Hits $3 Trillion

Binance Coin (BNB) has shown signs of a strong recovery, trading above the $620 resistance zone after finding support at $600. This upward movement coincides with a broader market recovery, driven in part by Bitcoin's rally to $88,000. The cryptocurrency market has entered a bullish phase, with BNB's price action reflecting this trend.

Despite a minor daily dip of 0.3%, BNB has demonstrated impressive performance over longer timeframes. Over the past 14 days, BNB has surged by 13.4%, and it has gained 2.5% in weekly charts. This recovery is part of a broader market trend that has pushed the global cryptocurrency market cap back to $3 trillion since March 2024.

Technical analysis indicates that BNB has broken above several key resistance levels, including $618 and $610. The price has even recovered above $625, following similar patterns seen with Ethereum and Bitcoin. BNB managed to break above the 23.6% Fibonacci retracement level, calculated from the recent downward move from the $645 swing high to the $615 low. Currently, BNB trades below $630 and the 100-hourly simple moving average, facing resistance near the $628 level on the upside.

A bearish trend line is forming with resistance at $627 on the hourly chart, with additional resistance near the $630 level, which corresponds to the 50% Fibonacci retracement level. If BNB can break clearly above the $630 zone, the price could move higher toward the $638 level. A successful close above $638 might set the stage for a larger move toward the $650 resistance. However, if BNB fails to clear the $630 resistance, another decline could begin, with the first support on the downside near $622 and major support at $615. The main support remains at $600, and a break below this level could take BNB toward $585 or potentially $565 in a larger decline.

Technical indicators provide additional insight into BNB’s current state. The MACD for BNB/USD is gaining momentum in the bullish zone, while the RSI remains above the 50 level. BNB reached an all-time high of $788.84 in December last year, and the current price represents a 20% drop from that peak. According to predictions from CoinCodex, BNB may enter another bullish phase in the coming weeks, with the platform anticipating a continued rally for the foreseeable future. CoinCodex forecasts BNB to breach the $1,000 mark by April 10, with their most bullish prediction suggesting BNB could hit a new peak of $1,610.24 by May 11. If realized, this would represent a 154.64% price increase from current levels. However, CoinCodex doesn’t expect BNB to maintain prices above $1,000 for long, predicting a correction shortly after reaching the peak.

The broader crypto market recovery appears linked to several factors, including the SEC dropping its litigation against Ripple and announcing four more crypto roundtables, which may have improved sentiment. Additionally, the US announcement about easing tariffs might have boosted overall investor confidence. These developments collectively appear to be driving the current market recovery. For BNB, the immediate focus remains on whether it can clear the $630 resistance level. This will likely determine if the recovery continues toward higher targets or faces another pullback.