Binance Coin (BNB) is staging a remarkable comeback, demonstrating resilience and bullish momentum after a turbulent period

BNB's recent price action has been characterized by a robust recovery, demonstrating its ability to rebound strongly after a period of significant decline.

Binance Coin (BNB) is demonstrating resilience and bullish momentum as it rapidly recovers from a 25% decline that began in mid-February and continued until March.

After reaching a low of around $320 in mid-February, Binance Coin experienced a turbulent period as it slid to $240 by March 8. However, from that point onwards, BNB has displayed remarkable resilience, surging to $640 on April 4, marking the highest level since February 24.

This recovery is characterized by a V-shaped pattern, a technical formation that indicates a sharp reversal following a steep decline. In essence, a V-shaped recovery occurs when the price drops sharply, hits a bottom, and then bounces back quickly to the previous high.

This pattern suggests that sellers had the upper hand during the initial decline, but buyers quickly regained control of the market, driving the price upwards with significant momentum.

V-shaped recoveries are often associated with periods of high volatility, where technical indicators can rapidly shift. In the case of BNB, the Relative Strength Index (RSI) crossed above the neutral line at 50, indicating that bullish sentiment is increasing.

Moreover, the Supertrend indicator on the 4-hour chart has turned green, further suggesting that the current trend is bullish and favors higher prices.

The Moving Average Convergence Divergence (MACD) also indicates bullish momentum, with the MACD line crossing above the signal line. This technical indicator is used to identify trending securities or markets by comparing two moving average prices.

On-chain data from Glassnode reveals that the cryptocurrency’s social dominance has increased to 1.43%. Social dominance is a metric used to measure the level of discussions related to a cryptocurrency across various platforms, including social media and online forums.

A high social dominance score indicates that a cryptocurrency is being discussed frequently and has a strong presence in the cryptocurrency community. This can be an indication of growing interest in the cryptocurrency, which can translate to higher demand.

According to CoinCodex, analysts are predicting that BNB could hit $1,000 by 10 April.

World’s largest crypto exchange Binance has announced plans to lay off staff as part of a restructuring amid a turbulent year for the cryptocurrency industry.

CoinCodex’s most bullish prediction suggests that BNB could reach a new peak of $1,610 by 11 May.