Binance Coin (BNB) Blazes Ahead: Predictions Point To New All-Time Highs In First Half Of 2024
27 Dezembro 2023 - 11:00PM
NEWSBTC
Binance Coin (BNB), despite experiencing a significant decline
earlier this year due to market volatility and the SEC lawsuit
against Binance and its founder Changpeng Zhao (CZ), has shown
remarkable recovery and promising prospects. Recent data
indicates a resurgence in the BNB price, driven by the growing
usage of decentralized applications (DApps) on the Binance Smart
Chain (BSC). Additionally, BNB’s fundamentals, including
impressive market cap figures and increased revenue, further
contribute to the positive momentum. BNB Price Rally Fueled
By DApp Adoption? After witnessing a sharp decline from its
yearly high of $350, BNB experienced a drop to the $203 level
following the SEC lawsuit against Binance and CZ. However, recent
price movements show signs of recovery and bullish sentiment.
Over the past 24 hours, BNB has gained 4.5%, and its performance in
the seven, fourteen, and thirty-day time frames demonstrates an
upward trend, with gains of 20%, 24%, and 38%, respectively.
Related Reading: Crypto Trading Firm Expects Bitcoin To Crash To
$36,000, Here’s Why One of the driving factors behind BNB’s price
rally is the increasing use of DApps on the Binance Smart Chain.
Data from DappRadar reveals a surge in DApp volume, currently at
$4.83 billion, representing a 12% increase. The BNB chain
boasts an ecosystem of 5,120 DApps and has recorded 4.89 million
transactions, reflecting a 12.73% surge in the past seven days.
These figures indicate a growing demand for BNB as it serves as the
primary token within the BSC ecosystem. Comparing BNB to Ethereum
(ETH), DappRadar data highlights BNB’s superior performance in
various indicators such as contracts, total unique active wallets
(UAW), decentralized finance (DeFi) total value locked (TVL), and
non-fungible token (NFT) volume. The BNB chain has held the
top position over the past 24 hours, showcasing its usage and
adoption. This outperformance contributes to the positive market
sentiment surrounding BNB and bolsters its price. Binance Coin
Market Cap Surges To $48 Billion Further boosting the Binance Coin
prospects, Token Terminal data reveals impressive market cap
figures for BNB, with a circulating market cap of $48.02 billion,
marking a 14.18% increase. Additionally, BNB’s fully diluted
market cap stands at the same value, reflecting a 28.32% growth.
The revenue generated by BNB in the past 30 days has increased by
28.51%, reaching $1.47 million. Furthermore, BNB has recorded
significant fee growth, with a 27.98% fee increase over the past 30
days and an annualized revenue of $187.56 million. These
fundamentals contribute to the positive sentiment surrounding BNB.
Overall, Binance Coin has staged a strong recovery, demonstrating a
notable price rally driven by the increasing usage of DApps on the
Binance Smart Chain. However, there is a bold prediction by a
crypto analyst that could further boost the sentiment and
excitement surrounding the token. Binance Coin To Reach New Yearly
High? According to Captain Faibik, a prominent crypto analyst
on X (formerly Twitter), Binance Coin is poised to achieve a new
yearly high in the first half of 2024. This prediction is
based on an analysis of BNB’s 1-week chart, revealing a breakout
from a descending triangle pattern, signaling the end of the macro
downtrend and initiating a new uptrend phase for BNB. Looking at
the chart below, Faibik suggests that BNB’s price could potentially
experience an impressive uptrend of 171% in the initial weeks of
2024. This surge would propel the token’s price above the current
all-time high (ATH) of $686. Related Reading: Crypto Analyst
Predicts XRP Price Will Explode 58,000% To $352 However, several
resistance levels must be overcome for this projection to
materialize. Notably, at the current trading price of $307, BNB
faces a significant seven-month resistance barrier, which currently
hinders its ascent to the $314 level, the next resistance level in
the near term. Analyzing the 1-day chart, it becomes evident
that reaching the all-time high level would require surpassing
additional macro resistance levels, including $329, $402, $450,
$563, $607, $639, and $653. While the theory proposed by Faibik
holds promise, the actual realization of Binance Coin’s new yearly
high in the early months of 2024, along with a sustained uptrend,
remains to be observed. Featured image from Shutterstock,
chart from TradingView.com
Binance Coin (COIN:BNBUSD)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Binance Coin (COIN:BNBUSD)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024