Binance Coin Price Analysis: BNB gaining momentum
BNB, formerly known as Binance Coin (BNB), is a cryptocurrency created by the exchange Binance. Originally an ERC-20 token on Ethereum, BNB migrated to Binance Smart Chain in 2019 and became the native coin of Binance Chain.
BNB is used to pay for trading fees on Binance, often at a discount. Its utility has led to significant growth and multiple token burn events, boosting its price and ranking it among the top 10 cryptocurrencies by market cap.
Price Today
BNB is currently valued at $552.21, with a trading volume of $3,180,959,714.61 in the past 24 hours. On the last day, it witnessed a price surge of 4.85%, but over the previous seven days, it has faced a decline of 9.33%. With a circulating supply of 150 Million BNB, the market capitalization is $84,807,926,039.
Binance Coin (BNB) Price Analysis
The price is currently facing rejection from the primary horizontal resistance zone. We can anticipate a significant upward movement if it breaks above this resistance zone and a successful retest.
Upon analyzing the weekly BNB chart, a strong uptrend is evident as it approaches a crucial resistance range between $600-$630. The current price is slightly below this range, indicating a possible Long position with a fair amount of confidence. Consider entering the market now or after a minor pullback to take advantage of the bullish trend. Profit targets should be set around the resistance zone, although a breakout could result in additional profits. Be cautious of potential reversals when approaching significant resistance levels.
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Price History
BNB has been on a positive trend for the past week, with a 7.56% increase. This recent growth shows strong potential for investment opportunities.
During the previous month, BNB’s price surged by 48.79%, adding an impressive $267.66 on average to its current value.
The lowest price ever paid for BNB was $0.03982 on Oct 19, 2017, over 6 years ago. In comparison, the current price is 1,390,406.89% higher than the all-time low.
On the other hand, the highest price ever paid for BNB was $686.31 on May 10, 2021, almost 3 years ago. Presently, the price is 19.33% lower than the all-time high.
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Price Prediction
Cryptocurrency specialists predicted the lowest trading expense could be $$481.89, while the highest could potentially reach $699.85 throughout this month. On average, it is anticipated that the value of BNB could hover around $590.87.
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