Binance Coin (BNB) despite experiencing significant declines earlier this year due to market volatility and the SEC. Lawsuit against Binance Founder Changpeng Zhao (CZ) has shown remarkable recovery and promising prospects.
Recent data shows that the BNB price has risen again due to the increasing usage of decentralized applications (DApps) on Binance Smart Chain (BSC).
Additionally, BNB’s fundamentals, including impressive market capitalization figures and growing revenue, are further contributing to the positive momentum.
BNB price rise due to DApp adoption?
BNB witnessed a sharp decline from its yearly high of $350 before falling to the $203 level due to the SEC lawsuit against Binance and CZ. However, recent price movements are showing signs of recovery, optimistic feelings.
In the last 24 hours, BNB is up 4.5%, and performance over 7-day, 14-day, and 30-day periods shows an upward trend with gains of 20%, 24%, and 38% respectively.
One of the driving forces behind the rise in BNB price is the increasing use of DApps on Binance Smart Chain. data A report by DappRadar shows that DApp volume has now grown by 12% to $4.83 billion.
The BNB chain boasts: ecosystem It recorded 4.89 million transactions among 5,120 DApps, a 12.73% surge over the past seven days. These figures indicate a growing demand for BNB, which serves as the native token within the BSC ecosystem.
Compare to BNB Ethereum (ETH), DappRadar data It highlights BNB’s outstanding performance in various metrics such as contracts, total unique active wallets (UAW), decentralized finance (DeFi) total value locked (TVL), and non-fungible token (NFT) volume.
BNB Chain maintained its number one position with its usage and adoption rate over the past 24 hours. This outstanding performance contributes to the positive market sentiment surrounding BNB and drives the price higher.
Binance Coin market cap soars to $48 billion
Token Terminal Further Boosts Binance Coin’s Prospects data BNB’s impressive market capitalization figures show that its circulating market capitalization has increased by 14.18% to $48.02 billion.
Additionally, BNB’s fully diluted market capitalization represents the same value, reflecting growth of 28.32%. In the past 30 days, profits from BNB increased by 28.51%, reaching $1.47 million.
Additionally, BNB has set some significant records. fee increase, a 27.98% increase in fees over the last 30 days, with annual revenue of $187.56 million. These fundamentals contribute to the positive sentiment surrounding BNB.
Overall, Binance Coin has shown a strong recovery, with notable price gains driven by increased DApp usage on Binance Smart Chain. But there’s something bold about it. prediction Crypto analysts who can further increase the sentiment and excitement surrounding the token.
Will Binance Coin Break Annual Highs?
Depending on the For Captain Faibik, a prominent cryptocurrency analyst at X (formerly Twitter), Binance Coin is poised to hit new annual highs in the first half of 2024.
This forecast is based on BNB’s one-week chart analysis, revealing a breakout of the descending triangle pattern, signaling the end of the macro downtrend and beginning a new uptrend phase for BNB.
Looking at the chart below, Faibik suggests that BNB price could experience an incredible upward trend of 171% in the first week of 2024. This surge would push the token price above its current all-time high (ATH) of $686.
However, for these predictions to come true, several levels of resistance must be overcome. Specifically, at the current trading price of $307, BNB faces a significant 7-month resistance barrier, which currently prevents an advance towards the next resistance level of $314 in the near term.
Analyzing the 1-day chart, it becomes clear that to reach all-time highs, additional macro resistance levels would need to be crossed, including $329, $402, $450, $563, $607, $639, and $653.
While the theory proposed by Faibik is promising, the actual realization of new annual highs for Binance Coin in early 2024 with a continued upward trend remains to be seen.
Featured image from Shutterstock, chart from TradingView.com
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