Recently, BNB broke out of the consolidation area, indicating a potential significant upward trend. The fact that the token has risen beyond the $700 mark suggests that the market is strongly recovering and all eyes are set on US Fed Chair Powell for the most anticipated rate cuts as the ECB (European Central Bank) has started rate cuts with a 25 bps, following their expected decision from last month.
BNB has increased noticeably by more than 20% in the past week, carrying on its strong trend from the previous month. This breakout has drawn notice, and some analysts anticipate substantial gains if the bullish trend continues.
As of right now, BNB is trading above the 100-day Simple Moving Average (SMA) with good rising momentum in the 4-hours chart. This implies that the price is still positive and there is still a possibility for price growth. Also, The 4-hour Moving Average Convergence Divergence (MACD) also signals that BNB might continue to move bullishly as the MACD histograms are trending above the MACD zero line.
As of now, at the time of writing this article, BNB is trading around $715 and has hit a new ATH market capitalization of $105.6 Billion.