BNB Surges 40%: Binance Token Defies Market Trends, Eyes All-Time High

BNB, the native token of the Binance exchange, has staged a remarkable comeback, surging by 40% from its recent lows. The coin, which is the fifth-largest cryptocurrency by market capitalization, has defied broader market trends and maintained strong upward momentum despite recent headwinds.

The coin's price has climbed from a five-month low of $500 on February 3 to its current level of $698.40, adding 10% to its value over the past day. This impressive rally has been backed by actual coin demand, as indicated by the Relative Strength Index (RSI) on the BNB/USD one-day chart. The RSI is in an upward trend above the 50-neutral line at 62.22, reflecting the buying pressure in the market.

The Aroon Up Line for BNB is at 100%, highlighting the strength of the current uptrend. This indicator measures an asset's trend strength by tracking the time elapsed since the highest high and lowest low over a set period. When the Aroon Up line is at 100%, it signals a strong uptrend, indicating that a new high was recently reached and bullish momentum is dominant.

If the demand for BNB continues to strengthen, its next price target could be its all-time high of $793.86, last reached on December 4. However, a reversal in the current trend would invalidate this bullish prediction. In that scenario, BNB could shed recent gains and fall to $685.55. If the bulls fail to defend this support level, its price could drop to $610.98.