Key takeaways

The cryptocurrency market performed positively on Wednesday following two days of steady decline. Bitcoin bounced back to trade above $114k after dropping to the $111k level earlier this week.

Ether, the leading altcoin by market cap, defended its price around the $4,100 support zone and is now trading around $4,300 per coin. However, BNB, Binance’s native coin, stole the headlines after hitting a new all-time high.

BNB added 4% to its value in the last 24 hours and hit a new all-time high price of $882 four hours ago. The positive performance shows BNB’s resilience during the recent market correction, as the coin didn’t record huge losses. This allowed it to immediately bounce back and hit a new all-time high. The new milestone also showcases Binance’s status as the leading cryptocurrency exchange in the world in terms of trading volume, as its BNB coin continues to gain adoption.

BNB’s rally also comes as Bitcoin’s dominance, measuring the largest crypto’s market share in the total market capitalization of digital assets, is on the brink of making a fresh six-month low. The declining Bitcoin dominance signals that smaller, riskier tokens are taking leadership in market gains, with analysts now suggesting that the altcoin season is here.

The BNB/USD 4-hour chart is bullish and efficient thanks to BNB’s recent record high. With efficiency gained, BNB could be getting ready for another leg up. The technical indicators suggest that the bulls are also in control of the market.

The RSI of 59 shows that BNB is not yet in the overbought region and has room for growth. The MACD lines are also within the positive territory, suggesting a bullish momentum.

At press time, BNB is trading at $862, down 2% from its all-time high. If the rally continues, BNB could surge to the $900 mark over the next few hours or days. An extended bullish trend could see BNB test the $1k level for the first time in its history.

The post BNB price forecast: BNB sets a new ATH, targets $1k appeared first on CoinJournal.

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