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BNB Coin Shows Recovery Signs: New Yearly High on Sight

March was a favorable month for BNB Coin, with the cryptocurrency achieving two new highs for the year within just a few days before experiencing a correction.

After a nearly two-week period of recovery, BNB Coin is showing signs of potentially reaching a new high in 2024. But is such a milestone achievable?

BNB Looks Promising

Following a rebound from the $550 support level, the value of BNB Coin has risen to $581 at the time of this analysis. This improvement reflects a recovery in the altcoin’s risk-return profile, which had been in a downtrend for several weeks.

The Sharpe Ratio, a metric used to assess the risk-adjusted return of an investment by comparing its average return against its volatility, has recently shown an uptick toward 4.0 for BNB. This increase suggests that BNB’s risk-adjusted returns are sufficiently attractive to draw new investors to the asset potentially.

BNB Sharpe Ratio.
BNB Sharpe Ratio. Source: Messari

Moreover, the Relative Strength Index (RSI) for BNB has re-entered the bullish territory. The RSI is a momentum oscillator that measures the velocity and magnitude of price movements, helping to identify overbought or oversold conditions.

BNB RSI. Source: TradingView

Given that the RSI is well below the overbought level yet above the midpoint, there is an indication that BNB’s bullish momentum may be rekindled.

BNB Price Prediction: New Highs

Read More: How To Buy BNB and Everything You Need To Know

BNB Price Chart
BNB Price Chart. Source: TradingView

However, the $593 level has historically been a significant resistance point on the 4-hour chart. Should BNB fail to overcome this barrier, a correction back to $549 could be in the cards.

A drop below this support level would negate the bullish forecast, leading to a further downturn.

Top crypto platforms | April 2024



In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.


In conclusion, BNB Coin has shown promising signs of potential growth after experiencing a correction following two new highs for the year in March. The cryptocurrency has rebounded from the $550 support level, with its value rising to $581 at the time of analysis. The Sharpe Ratio and Relative Strength Index (RSI) for BNB indicate an improvement in the altcoin’s risk-return profile and bullish momentum. However, resistance at the $593 level poses a significant challenge, and failure to overcome it could lead to a correction back to $549. Overall, BNB’s future performance hinges on its ability to break through key resistance levels and maintain bullish momentum.

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  • bnbBNB (BNB) $ 583.36
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