Coin Market Cap - Binance Coin [BNB] Price & Analysis on June 5, 2021 [CoinMarketCap]

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Coin Market Cap - Binance Coin [BNB] Price & Analysis on June 5, 2021 [CoinMarketCap]. Recently, several tokens have surged substantially in value. This might be because the recent market crash appears to be slowing down. As the bullish rally continues, Binance has not passed by, and indications are that it is regaining strength.

Despite the panic in the market in May, the price collapse of BNB didn't start at that time. Last month, the Commodity Futures and Trading Commission began investigating the Binance exchange for potentially hosting illegal trading activities on the exchange.

Markets are concerned that BNB will follow the trend of XRP, which sharply slumped after a separate case was filed against Ripple Inc.

Former Coinbase executive Brian Brooks was hired before the lawsuit as the new CEO. Taking proactive steps was to help in the probe against the exchange that just opened up. The appointment of Brook only spurred interest for a short time before the noise and market drop overshadowed it.

BNB's trading levels were good in the past 24 hours with gains of approximately 11%. It has since rose to $421, a significant increase since the recent crash.

Looking at the coin market capitalization charts, it's evident that the token is trading above a resistance level of $387. A look at the price now shows that the token has risen past both support and resistance, which is an indication that it is a potential buy.

It is still a long way before BNB reaches its all-time high price of $641, which means it will have to increase again before it reaches the $1,000 mark.

Thumbnail Image: "Binance Coin Logo am PC-Monitor, durch eine Lupe fotografiert" by marcoverch is licensed with CC BY 2.0. To view a copy of this license, visit https://creativecommons.org/licenses/by/2.0/