BNB also known as Binance Coin, is a cryptocurrency that was created by a leading player in the digital asset exchange space. The BNB Coin is integral to the Binance ecosystem, which includes the Smart Chain, Trust Wallet, Academy, and diverse research initiatives, shaping a comprehensive platform for users.
Currently, the BNB Coin has shown impressive performance despite facing significant selling pressure across the global crypto market. The BNB Coin has surged by a remarkable 5.82% in the last 24 hours with trading volumes soaring 50% to surpass $2.45 billion.
At the time of writing, the Binance Coin (BNB) is trading at $381.77, with a market cap of $57 billion, making it a standout performer in the current market conditions. This surge comes following Bitcoin’s rise to nearly %53,000, a subsequent drop below $51,500 led to a phase of consolidation across the markets.
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The recent surge in the BNB Coin’s momentum can be attributed to the introduction of the BNB Chain and the Web3 Blueprint, as highlighted in a recent blog post by BNB Chain. The Binance network has seen remarkable growth, surpassing 1.2 million active users despite Binance’s legal clash with the US SEC.
Impressively, the active user base on the Binance chain has skyrocketed by 7600% in the last four years, escalating from 15,000 to 1,200,000 users. This substantial increase underscores the increasing popularity and adoption of the Binance chain.
Binance Coin (BNB) Gears Up for a Possible Surge
The Binance exchange faced uncertainty, causing BNB prices to sharply decline from $348 to $206. Despite concerns about the token dropping to double-digit levels, a robust recovery stopped the downward trend of the BNB Coin.
Based on the daily price chart, the BNB Coin showed a bullish trend, suggesting a possible doubling in price during the upcoming bull market peak. The current price pattern resembles a technical setup that parallels the 2021 bull run.
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Moreover, if Binance Coin (BNB) maintains its upward trend, it might face initial resistance at $430, leading to a possible rise to $490. Surpassing the $490 mark could spark additional surges, potentially propelling the BNB Coin to $520 and ultimately aiming for $600. Traders are closely watching these key levels for potential price movements.
How High Will BNB Go in 2024?
According to our expert’s technical analysis, the BNB Coin has the potential to reach a maximum price level of $812.31, with an average trading price of $735.67 by the end of 2024. However, if the crypto market faces any major bearish trend or any negative news surrounding the Binance ecosystem, the value of the BNB Coin can decline to $689.69 by 2024.
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Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
