Binance Coin is up 2.72% in the last 24 hours, with more highs coming soon. BNB has been rising over the past few days and is currently listed at $322.08. If the strength continues, it is estimated that it will exceed $350 by the end of the week. This will largely depend on factors such as market sentiment, growth of the underlying ecosystem, and development of exchange platforms.
BNB continues to rise. Can we start a new rally?
The last two years have been somewhat predictable for BNB. It only danced in the $216-$337 range. Even if it technically gets closer to $350, it means it breaks the existing comfortable class. The challenge continues to mount with speculation that the $277 support level could possibly be breached, which would invalidate the bulls and trigger bearish sentiment.
This will trigger a price adjustment to the transaction value of $252. The Relative Strength Index and Awesome Oscillator are in bullish territory with average levels of 50 and 0, respectively. If BNB tracks the imbalance, it could potentially reach support at $277. Bulls may be optimistic about the upside, but the bearish claws have not been completely removed.
Macroeconomic trends are favorable for cryptocurrencies. The upcoming Bitcoin halving is likely to trigger a rise in Bitcoin, causing a ripple effect throughout the market. Charts and graphs may temporarily decline, so it is difficult to estimate the amount of increase. BNB price prediction We are optimistic that the token will exit the two-year period by the end of 2024.
Will it rise above $350 by the end of the week?
Even if the token achieves the milestone by the end of this week, underlying volatility could result in a price cut from $350. That doesn’t negate the possibility that $350 is just around the corner. For example, when the US SEC approved 11 ETF applications, BTC touched $47,000. Bitcoin is currently down and the token price is $46,160.72.
Another factor that could hinder the leap to that mark is its global presence. Not all countries are happy with Binance operating on their soil. BNB will trigger a rally when: Binance Exchange The platform has been approved by relevant authorities.
Until then, there will be much discussion and anticipation about the milestone. There is definitely a demand for BNB in the cryptocurrency space.
At the time of rendering this piece, the price of BNB is $322.57. Last week was full of token ups and downs. The maximum was $323.60 on February 9, 2024. The lowest was $298.85 on February 4, 2024. The token’s upward trend was evident over the course of five days, with notable fluctuations along the way.
This is evident from the fact that the token was at ~$300 on February 7, 2024, before starting an upward trend. Drawing a parallel line clearly reflects a new range where $277 to $300 could be a support level. This could potentially pave the way for a high of $350.
‘2024’ will be a good year for BNB
It is only early 2024 and has surged by 7.19% in the past 30 days. BNB fell below $300 between January 24, 2024 and January 28, 2024, and between February 1, 2024 and February 2, 2024. The lowest was $287.87 and the 24-hour trading volume was $1.01 billion. Most of the time it stayed above the dotted $300 line.
The upward trend continues without any significant decline. In the cryptocurrency space, selling pressure has eased, creating a gap for buying pressure to take over.
That means it’s up to Binance to take advantage of the opportunity and ensure that the buying pressure doesn’t bottom out. Higher movements reflect better demand and therefore can attract better prices. The long-term outlook is that BNB will reach a maximum value of $1,000 by the end of 2026. This could double by the end of this decade, i.e. by 2030.
This year, all eyes are on how the Bitcoin ETF is doing and whether the Ethereum ETF will see light at the end of the tunnel. Also, how many more cryptocurrency ETFs will be introduced if approved by the Commission?
There is currently no mention of ETFs in the Binance ecosystem.
conclusion
The near-term outlook for Binance Coin (BNB) is unstable. But the bigger the book’s milestones, the stronger the long-term perspective. As the price rises, traders and investors will want to hold onto the tokens. If there is a slight decline, a window opens for accumulation.