The number of $BNB transactions has stabilized since last week, indicating possible consolidation. The RSI for BNB is currently at 84, above overbought levels, making fresh price gains difficult.
The supporting EMA lines provide a strong foundation for a sustained period of consolidation, suggesting a more stable market for BNB.
The number of BNB transactions remains stable
The number of BNB transactions has remained quite stable since the end of February 2024. Its price increased from $313 on January 1 to $632 on March 15. This represents an increase of 101% in just over two months. The price then corrected, reaching $507 on March 19. It later made a new surge, reaching $578 on March 27.
Compared to the leading 21 cryptocurrencies by market capitalization, ignoring memecoins and stablecoins, BNB's annual growth is second only to NEAR, BCH and TON.
The steady daily transaction volume and 7-day moving average suggest investors' unwavering confidence in BNB. Even after significant gains this year, the continued forecast of continued solid returns could keep investors focused on this altcoin.
At this RSI level, investors can conclude that BNB purchasing momentum has peaked, which could limit further gains in the short term.
BNB Price Forecast: Consolidation or New Move Above $645?
The price chart shows that the short-term exponential moving average (EMA) has just crossed above the long-term EMA. This is usually considered a bullish signal, indicating that recent price momentum is strong and could lead to further price increases.
If the altcoin maintains its current momentum and avoids consolidation, the price could challenge and break above the $645 resistance. These results depend on consistent market conditions and avoidance of price-stabilizing consolidation. If a decline begins, BNB price could approach the support at $497.
