BNB price climbed to $55.07 — a new all-time high — as most altcoins move into the green.
Binance Coin (BNB) reached a fresh record above $55 as bulls seek to extend their dominance amid a broader altcoin market recovery.
BNB rose about 13% over the past 24 hours, pushing a new intraday high to $55.07 on Binance. The previous record of $52.14 had been set just one day earlier (February 1, 2021).
At the time of writing, BNB/USD trades near $52.38. Buyers are likely to push prices higher, although stronger profit-taking could encourage bears to hunt for more downside.
If bulls can keep the price above $50.00, another upward leg in BNB’s price discovery process would likely send the token toward a new all-time high.
Binance Coin mirrors top altcoins
BNB’s rally appears to be supported by a broadly positive outlook across the crypto market. Several major altcoins are reporting notable gains, including Ethereum (ETH), Cardano (ADA), Polkadot (DOT) and Litecoin (LTC). The top ten coins have each climbed by more than 6% in the last 24 hours.
Ethereum moved roughly 10%, contributing to fresh highs as bullish sentiment strengthens among altcoin traders.
That said, some recent breakouts have seen sharp pullbacks. Ripple’s XRP tumbled about 41% after previously surging nearly 300% to highs around $0.75. Dogecoin (DOGE) also retraced roughly 15% after a strong run over recent days.
BNB price analysis
Setting a new all-time high indicates bulls currently control Binance Coin. Price action is forming a widening rising wedge pattern, consistent with bullish momentum but also suggesting possible increased volatility.
The daily chart shows the price gravitating toward the upper trendline of the wedge. A continuation and breakout higher would likely place resistance near the $55 level.
BNB/USD daily chart. Source: TradingView
Watch for a potential doji candlestick formation, which would signal meaningful profit-taking. At the same time, buyers appear ready to buy dips. A doji forming near current levels would suggest a standoff between bulls and bears.
In that scenario, bulls must hold above $47.00 to retain control, while bears will target a breach of this critical support.
If price falls below that support line, BNB is likely to enter a consolidation phase. Initial support would come from the 20-day EMA (around $43.72) and the lower trendline of the widening rising wedge pattern.
A breakdown beneath these supports could trigger more panic selling and push prices toward the 50-day EMA at approximately $39.36.