Binance coin [BNB], the cryptocurrency that powers the Binance exchange has recently hit a new all-time high, but has since retraced and is currently trading near ascending support levels. However, market analyst Jonathan Carter believes this pullback presents a good opportunity to buy more BNB, citing continued bullishness in the overall cryptocurrency market. At the time of writing this article, the token’s value stood at $605, down by 3% in the past 24 hours.
Binance Coin recently broke through its previous all-time high and now declined towards the ascending support. Good opportunity to buy more $BNB as the overall market remains bullish
Despite the recent dip, analysts remain bullish on the token as many eye a potential entry point at a key support level. “BNB is currently experiencing a temporary dip,” wrote Crypto Jack on X. “However, I’m keeping a close eye on the $610 support level. If the price bounces back from there, I might consider entering a long position.”
A long position is a bet that the price of BNB will go up. If the price does rise after the analyst enters their long position, they could see a profit. However, if the price continues to fall below $610, they could experience losses.
Others have drawn comparisons between current market trends and past altcoin performance. “This is the final dip before the real bull run starts. Look at ADA, ATOM & BNB before the 2021 bull run. They dipped between 50% & 80% from their local tops. We’re experiencing something similar right now.”
It’s important to note that cryptocurrency markets are volatile and analysts’ predictions can be wrong. Investors should always do their own research before making any investment decisions.
BNB: Altseason Uprising
As reported by TronWeekly, the Binance token smashed a new ATH. Often regarded as an underdog to ETH DeFi dominance, BNB’s price action indicated that the market’s sentiment towards the token might be shifting. Market experts doubled down on the token’s potential to play a key role in the Altseason uprising
The overall cryptocurrency market is showing positive signs, and BNB is a well-established token with a wide range of uses. Investors who believe in the long-term potential of the token may see this pullback as a buying opportunity.