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Binance (BNB)

BNB Price Prediction As Binance Coin Hits New ATH

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2 weeks ago

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BNB price has surged significantly over the past month, reaching a new all-time high (ATH). This remarkable rally coincides with the broader cryptocurrency market’s bullish momentum, driven by Bitcoin’s climb above $100,000. Despite a slight market correction, Binance Coin is resilient and positioned above key support structures to achieve new highs if bullish sentiment persists. 

BNB Price Prediction: What’s Next for Binance Coin?

Binance Coin (BNB) price has recently broken its previous all-time high of $793, showcasing remarkable resilience and strong investor confidence. On December 4, 2024, BNB reached a historic peak before experiencing a slight correction, currently down by 13%. However, the token’s ability to turn its prior resistance level into solid support underscores significant demand in the market.

This bullish development suggests BNB may be gearing up for its next upward movement. Historically, such breakouts followed by support retests often trigger fresh buying momentum. Investors may anticipate a potential price bounce, setting the stage for another rally to higher price levels.

Source: Tweet

BNB Technical Analysis

The price of BNB is currently trading between two crucial levels. The first level is the 2021 all-time high (ATH) of $691, and the second is the recent ATH of $793. These levels serve as significant support zones for the coin’s price movement. At the time of writing, the Binance price is trading at $684, with a dip of 6% in the last 24 hours.

If the price bounces off these support levels, it often triggers a rally. The rally could aim for three key targets based on Fibonacci extension levels. The first target is the Fibonacci 161.8% level at $737, which has already been reached and tested. 

The second target is the Fibonacci 261.8% level at $886, marking the previous ATH. The third and final target is the Fibonacci 361.8% level at $1,036, which represents the next potential upside milestone. If the ongoing bullish run continues, a surge in the crypto market may fuel the surge in the token.

The MACD indicator is showing bullish momentum. The histogram displays increasing green bars, signaling growing buying pressure. The RSI is currently positioned above 56, suggesting that the coin is in bullish territory but not yet overbought.

BNB price chart By TradingView

On the downside, a break below the $645 support level could invalidate the bullish outlook. Such a breakdown could result in a sharp correction, possibly driving the price by lowering by 22% to $495. This move would represent a significant decline and a bearish shift in market sentiment.

Binance Coin’s recent ATH highlights strong market confidence. BNB’s trajectory depends on maintaining key support levels and bullish momentum, with potential upside targets to hit ATHs.

Frequently Asked Questions (FAQs)

BNB’s latest ATH is $793, reached on December 4, 2024.

Key support levels are $691, $793, and $645.

A bounce off support levels and bullish momentum can trigger a rally.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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24/7 Cryptocurrency News

Altcoin Season To Face Challenges Ahead, CryptoQuant CEO Predicts

Published

3 weeks ago

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December 3, 2024

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The altcoin market is entering an unusual phase, with independent trends emerging as Bitcoin drifts away from the broader crypto ecosystem. CryptoQuant CEO predicts a challenging altcoin season where only a few tokens will thrive.

Bitcoin’s dominance is being reshaped by its paper-based Layer 2 ecosystem, including ETFs and funds, limiting its interaction with alternative cryptocurrencies. These assets must innovate by building real Internet money ecosystems or adopting similar paper-wrapped models to attract fresh liquidity.

Altcoin Season Faces Uncertain Path as Market Dynamics Shift

The altcoin market is evolving rapidly, presenting unique challenges for investors. According to Ki Young Ju, CEO of CryptoQuant, this alt season is unlike any before. In his recent X post, he highlighted how Bitcoin’s ecosystem is increasingly detached from the alternative crypto, with paper-based Layer 2 systems like ETFs and funds dominating its growth. This separation has left alternative coins to navigate a different path, requiring either innovative use of stablecoins or similar paper-wrapped structures to secure liquidity.

The alternative cryptocurrencies, once moving in tandem with Bitcoin, are now displaying independent trends. With limited new liquidity entering the market, only a select few coins are expected to thrive. Ki Young Ju emphasized the need for investors to identify tokens capable of sustaining long-term value in this uncertain environment.

The leading alternative crypto, Ethereum, has gained traction among institutional investors during the shifting market trends. Last week, CoinShares reported $634 million in inflows into Ethereum investment products, boosting its year-to-date inflows to $2.2 billion. In contrast, Bitcoin saw $457 million in outflows, marking its first major decline since September. This trend highlights Ethereum’s rising appeal as Bitcoin faces profit-taking after surpassing the $100,000 milestone.

Binance Founder CZ’s Cryptic Tweet Fuels Cryptocurrency Speculation

Binance founder Changpeng Zhao, known as CZ, ignited the crypto community with his cryptic tweet. The riddle quickly sparked discussions on social media. Many believe it subtly hints at the ongoing altcoin season. Zhao’s enigmatic tweets often spark speculation. They align with the market’s current focus on the growing influence of alternative coins in a shifting ecosystem.

Moreover, Binance’s native cryptocurrency, BNB, has also showcased robust performance, reflecting its role as one of the top altcoins. Trading at $651, BNB price saw a 3% increase over the past 24 hours, a 4% rise over the week, and a notable 17% surge over the past month. With a market cap of $93 billion, it ranks sixth among all cryptocurrencies. Its 24-hour trading volume of $2.5 billion highlights strong demand. The coin’s steady growth emphasizes its relevance as the alternative cryptocurrencies continue to reshape investor sentiment amidst evolving market dynamics.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Binance (BNB)

Is It Time To Buy the Dip Now?

Published

2 months ago

on

October 22, 2024

By


BNB has experienced significant price fluctuations this year, reaching a high of $720 in June before undergoing a downward correction. More recently, technical patterns such as ascending triangles have signaled periods of consolidation, suggesting the market could be at a pivotal moment. With prices dipping, traders and investors are eyeing potential entry points

These patterns suggest that Binace Coin price could be preparing for a potential breakout, offering insights into its future trajectory. After peaking, BNB began forming an ascending triangle, hinting at consolidation and a possible continuation of the uptrend that began in October. However, the recent price correction has added uncertainty.

BNB Price  Soars In DEX Trading Volumes: Should You Buy the Dip Now?

BNB has been performing strongly in decentralized exchange (DEX) trading, ranking third among the top networks by volume over the past 30 days as investors are left wondering if this could be the right time to buy the dip and position for the next rally.

According to recent data, Binance Smart Chain recorded a significant $21.8 billion in trading activity, closely following Ethereum and Solana, which led with $41.6 billion and $37.7 billion, respectively. 

This highlights BNB’s continued relevance in the decentralized finance (DeFi) space, where it remains a key player.

Will Binance Coin Price Hit $620 This Week?

The token has shown volatility over the past week, reflecting the broader crypto market trend. Bitcoin recently surged above $67,000, but profit-taking activity has introduced some instability. This led to a minor correction, pulling the current BNB price down to around $595, marking a slight dip of 0.31%. 

The Relative Strength Index (RSI) shows a reading of 47, indicating neutral market conditions.

BNB price is showing encouraging signs of a potential bullish trend. If upward momentum returns, the token could test the $610 resistance level. Furthermore, sustained buying pressure may push major altcoins beyond $615 in the near future.

BNB Price Prediction: Is It Time To Buy the Dip Now?BNB Price Prediction: Is It Time To Buy the Dip Now?
BNB Price Chart| Source: TradingView

The whale activity has correlated with a recent dip in BNB’s price, as the percentage of stablecoins held by whales has increased. Despite accumulating more than $5 million in stablecoins, BNB’s price has declined, suggesting that large investors may be repositioning in the market. 

BNB Price Prediction: Is It Time To Buy the Dip Now?BNB Price Prediction: Is It Time To Buy the Dip Now?
Source- Santiment

BNB price faces a pivotal moment. While short-term volatility persists, a breakout above $610 could signal a bullish turn.

Frequently Asked Questions (FAQs)

BNB ranks third among DEX networks, with $21.8 billion in trading volume over the last 30 days.

The $610 level has proven to be a significant resistance point due to market selling pressure.

Yes, whales have increased their stablecoin holdings during BNB’s price dip, signaling caution.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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