Binance Coin (BNB), the fourth largest cryptocurrency by market cap, is on the verge of retesting $600, potentially recovering some of its recent losses. Currently, it's 25% down from its all-time high.
In the past week, BNB's price increased by about 6%. Positive sentiment and strategies to strengthen the coin suggest further gains.
Over the August 5 market crash, BNB's price fell to $403.90, impacting investor sentiment negatively. However, the coin's Weighted Sentiment has bounced back, reaching its highest level since June 5, indicating bullishness.
Positive sentiment often leads to increased demand. If it holds, BNB could surpass $535.50. Another bullish indicator is the increase in weekly active users on BNB Chain, which surged nearly 50% to 4.50 million, correlating with increased transaction volume and market engagement.
From a technical standpoint, BNB has broken above a symmetrical triangle, suggesting a bullish breakout. The MACD supports this, indicating a potential target of $564.40.
If bullish momentum continues, BNB could reach $602.20, but negative market sentiment could drag it down to $526.60 or even $479.80.
