The price of BNB has shown signs of recovery after plummeting below $600, with a 2% increase on the daily chart.
This upward momentum comes as the cryptocurrency created a fair value gap between $592.2 and $609.3, indicating potential for further growth.
BNB's price surge is also attributed to Binance's recent addition of a prediction market feature, which allows users to trade on real-world events using BNB or related tokens.
The technical analysis suggests that the BNB price is in a recovery trajectory, with moving averages indicating a neutral to slightly bearish trend in the short term. However, the Relative Strength Index (RSI) and MACD indicator suggest a neutral zone, indicating no strong upward momentum.