According to market analyst Linda Zheng, Binance Coin (BNB) has outperformed most top-ranking cryptocurrencies in terms of year-on-year gains. Since the end of February 2024, BNB has experienced a 58% price increase, second only to Bitcoin's 70% uptrend in the same period. The launch of Bitcoin spot exchange-traded funds (ETFs) in January 2024 contributed to BNB's rally, which surpassed Bitcoin's performance. BNB has also shown resilience to selling pressures and market downturns compared to other coins like Ethereum. It experienced a smaller drawdown during the last bear market and a shorter recovery period compared to Bitcoin. In 2024's bull market cycle, BNB survived various market conditions that affected other coins. Zheng argues that BNB's scarcity makes it a valuable asset, even better than Bitcoin. BNB's price is currently consolidating, with immediate resistance at $669 and strong support at $625. Short-term traders may consider range scalping, while breakout strategies suggest going long above $670 and short below $620. The overall structure for BNB remains "neutral but bullish," with potential gains above $700 if it reclaims the $670 level.



Other News from Today