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Binance Coin (BNB) Price Analysis: Will BNB Break All-Time Highs?

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Binance Coin
Binance Coin

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Binance Coin (BNB) is the native cryptocurrency Binance exchange, the world’s largest cryptocurrency exchange by trading volume. As a utility token, BNB can be used to pay trading fees on Binance and other services in its ecosystem. 

As of the time of writing, BNB is trading at $239.62. With the past increase in its daily trading volume, some analysts believe BNB could break its all-time high soon. Its all-time high price is $690.93, reached on May 10, 2021. 

These optimistic analysts point to the Binance exchange’s solid fundamentals and the growing popularity of BNB as a payment method.

Other analysts are more cautious. They point to the recent volatility in the cryptocurrency market and believe that BNB could see a pullback before it reaches new all-time highs. 

Recent Price Action of BNB

From historical data on CoinMarketCap, the price of BNB has dropped from where it was at the start of May/June 2023.

On June 1, Binance coin’s open market price was $306.88. However, it dropped to $304.95 before the close of the day. On June 2, the coin increased, and the price hit a high of $308.40 at mid-day. 

Since then, the coin’s price has gradually fluctuated and undergone several downtrends. A notable instance was when the price fell to $222.07 on Jue 12, the lowest it had been in over three months. 

However, the market gradually gathered momentum and hit a $250 per token price five days ago. 

There is also a current upward increase of 0.52% in the coin’s price over the past 24 hours. Although the trading volume is down by 1.50%, there are signs of more trades to commence before the end of the day. 

The market cap sits above $37 million, showing an increase of 0.63% in the last 24 hours. 

BNB Price Analysis Using Technical Indicators

According to the chart from tradingview.com, the asset trades below the 50-Day and 200-Day Simple Moving Average (SMA), suggesting a strong bearish momentum.

This indicates that BNB will experience bearish pressure both in the long and short-term market period.

The Deathcross that happened on June 16 contributed to the bearish sentiment in the BNB market. Also, the Relative Strength Index is at 37.68, indicating neutral pressure from buyers and sellers.

Binance Coin (BNB) Price Analysis: Will BNB Break All-Time Highs?

In addition, an RSI value of 37.68 suggests that the asset is approaching an oversold condition, indicating potential buying opportunities as the asset may be undervalued or due for a rebound in price. However, a Relative Strength Index below 30 automatically indicates bearish momentum and high selling pressure.

Key Price Levels

Currently, BNB is oscillating between its significant support and resistance levels of $231.6 and $250.2, respectively. With added pressure from the bulls, the price might soon hit the primary resistance level.

On the other hand, if the bulls fail to hold their position strong, the bears will likely push the price of BNB to hit the bottom.

Expert’s Insight On ShortAnd Long-Term Binance Coin Predictions

Short-term price predictions will not favor BNB due to the SEC issue against Binance. As such, this year, 2023, may not be a profitable trading year in the ecosystem. 

The price values are already around the support levels, so gaining momentum would be the first step before an all-time high (ATH) target. According to their expert analysis, BNB price levels in 2023 could average the $170 mark, go as high as $220 and stay above $120 per token. 

As the ecosystem makes plans to bounce back, there is more expected from the coin in the long term. By the end of 2024 and 2030, the prediction sees BNB reaching highs of $480 and $790, averaging between $365 to $620 and a minimum price of $250 per token.  

Coinpedia analysts estimate that BNB price in 2023 could reach $375.50 and go as high as $465.85. 

Although the long-term analysis is far-fetched, based on the strides made by the ecosystem to grow, price estimates are between $2285.30 and $2657.35 in 2030. 

According to the BTCC academy predictions, BNB price may likely hit $357 by the end of 2023 and average $463 in 2025. By 2030, the Binance coin could achieve a high of $2,795, an average of $2,326, with the least price above $1,850.  

Influencing Factors Affecting the Price of BNB

Some factors have contributed to the price actions of Binance Coin in the last few months. 

  1. Fear, Uncertainty, and Doubt (FUD)

Since the lawsuit, there has been fear, uncertainty, and doubt (FUD) in the minds of the BNB community. Hence, they are skeptical about investing and promoting the ecosystem as before. 

It is clear that when FUD comes into play, token holders are even forced to sell, reducing the network’s total value locked (TVL)

  1. Centralization News

The news of centralization came after SEC charged Binance with a lawsuit. The market became unfavorable for the token, causing a drastic reduction in its price. 

However, a change could be experienced when the case is closed or if the regulation law is enacted soon.

  1. Broader Market Conditions

Having a broader market aside from the US could improve the price of BNB when the next bull run starts. 

Also, since the introduction of the Binance Smart Chain (BSC) has proven to be a significant factor in deciding BNB prices, it could still be used as a catalyst. 

Chimpzee As An Alternative to Binance Coin (BNB)

A crypto project symbolizing the noble cause of protecting our trees, Chimpzee,  is currently swinging in the digital market. Chimpzee is a revolutionary new way for people to earn income while saving the environment and animals at the same time.

 Its mission revolves around reversing deforestation, an essential step in combating climate change and preserving our planet.

Various interconnected elements work in harmony within the Chimpanzee ecosystem. The Chimpzee Shop for shopping, NFT Marketplace for trading, and Zero Tolerance Game to earn while playing games form the backbone of this ecosystem. 

Acting as the central hub for commerce, the Chimpzee Shop allows users to utilize CHIMPZ tokens for purchasing goods and commodities. 

Furthermore, the NFT Marketplace offers an exciting opportunity for passive income generation by sharing a portion of the trading fee profits with active traders on the network.

However, the true essence of Chimpzee lies in its unwavering commitment to fighting deforestation and addressing the challenges of climate change. Inspired by the resilience of chimpanzees finding sanctuary in forests, Chimpzee recognizes the intrinsic value of safeguarding our planet’s natural capital. 

Unlike other presale coins, this dedication makes it an ideal cryptocurrency for environmentally conscious investors who wish to align their financial choices with positive impact.

By supporting Chimpzee, investors can actively contribute to the cause of reversing deforestation and protecting the planet’s precious resources. 

Currently, the project is on presale, with over $1.4 million of its token sold. The presale price is $0.00064, with the next presale price at $0.00067. The next stage is in 12 hours, and investors are advised to get the token now for more profit. 

Upon listing, CHIMPZ will be sold at $0.00185, showing a significant edge for those who buy now over those who will be purchasing then. Investors can log on to the Chimpanzee official site and buy using stablecoins like Ethereum (ETH) and Bitcoin (BTC).

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