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Grayscale Crypto weekly snapshot presented market value assessments of ten non-stablecoin cryptocurrencies throughout the last week. Toncoin (TON) led the pack with 34% growth, while ChainLink (LINK) followed with 9.5% and Binance Coin (BNB) price concluded the top 3 with a 9% market value surge.
Professionals in trading adopt a favorable stance with respect to BNB because it demonstrated a 9% increase while reflecting positively on the market value of BNB.
The 9% BNB thanks to its market value spike during the last week, placed itself among the leaders in short-term growth.
With a market capitalization to match the 9% increase BNB investors display strong resistance against upcoming challenges. Although BNB showed positive results during the weekly performance, it still struggled with a market-wide decrease of 10.1% throughout the year thus far.
The uncertain price movements of major assets since the beginning of this year cause traders to become worried, so they consider taking profits or reducing risks by selling.
Changes in market sentiment during this time frame might create losses that would halt BNB price growth while also potentially leading to its reduction.
The present BNB price elevation indicates future development potential yet continued bearish market problems require traders to address all situations accordingly.
BNB Price Target
BNB coin price maintained a position at $637 as it continued forming the bullish ascending triangle shape. BNB’s $640 has proven itself as an important resistance point after multiple previous challenges.
The target area beyond $700 emerges as the market records an expected clean break above the existing resistance at $640. The chart projection indicates this potential rise by approximately 10.2%.
Market interest for BNB increases steadily across the $590-$620 price sections, leading to upmarket support.
The steady upward trend starting from $540 indicates that closing prices maintain higher positions, thereby strengthening the bullish force.
The control of the buyers positions BNB to approach a $700 level as the path faces limited obstacles between current prices and $650.
A failure of BNB to surpass $640 could cause traders to move their funds towards $610 while the trendline support maintains its position.
The bullish setup becomes invalid when price drops below $600, which might direct BNB toward $580. Price movements around $640 will determine whether the bullish pattern continues or not.
The extension of volume at a breakout point would validate the movement, yet a rejected point may result in downward pullback prior to another push.
The Volume in Memecoin on BNB Chain Surging
The BNB Chain records a growing memecoin trading volume that results in 11 out of 12 top coins with the highest DEXscreener volume originating from BNB Chain to directly benefit BNB.
Higher trading activity creates additional transactions that need gas fees to be paid using BNB thus increasing demand for BNB as well as potential price appreciation.
The activity improves liquidity levels thus attracting more users to the DeFi ecosystem. During late January the enormous increase in new users and developers led to a rapid expansion of token counts to 8k.
Memecoin volatility remains a challenge but the current trend shows clear signs of increasing attention which may trigger BNB Network’s price growth in the future.
