BNB Price Analysis: when will BNB be $400?
BNB is the official token of the Binance exchange and is used to make commission payments on the exchange. It can be used to trade in over 50 different cryptocurrency pairs. Binance coin has recently performed well in the crypto market, overtaking the third-ranked stablecoin, Tether. What could Binance Coin’s price look like in the next 2years? Let’s take a look at some facts and predictions about Binance Coin cryptocurrency.
In 2017, Binance swiftly initiated an initial coin offering (ICO) where it distributed and sold BNB tokens. At that time, Binance Coin (known as BNB) was an ERC-20 token on the Ethereum network. However, in 2019, Binance introduced Binance Chain (BC), a mainnet blockchain that utilized BNB as its currency. To transition from ERC-20 BNB tokens to Binance Chain-based BNB coins, the exchange conducted a token swap. In 2020, Binance Smart Chain (BSC) was launched as an additional blockchain that collaborates with Binance Chain.
In 2022, Binance combined the Binance Chain and Binance Smart Chain ecosystems and rebranded them as BNB Chain. Despite being unified under a single name, these two chains continue to operate independently and in parallel.
BNB is up today!!
Today, BNB is priced at $379.90, with a trading volume of $801,444,110.23 over the last 24 hours. The price has increased by 0.16% in the past day, and Over the past week, BNB has experienced a positive upward trend, resulting in an impressive 6.89% increase.
BNB has been displaying remarkable potential recently, making it a favorable opportunity to delve into and consider investing; BNB’s market cap is $58,440,208,423.
BNB price history
In the past month, the value of BNB has surged by an impressive 30.17%, resulting in a substantial increase of $114.65 to its current worth. This remarkable growth indicates that the coin has the potential to become a reliable asset if it maintains its upward trajectory.
The all-time high price for BNB was $686.31, achieved on May 10, 2021 (almost 3 years ago). Presently, the current price stands at 44.73% below this record-breaking value.
The all-time low price paid for BNB was $0.03982 back on Oct 19, 2017 (more than 6 years ago). In contrast, the current price is a whopping 952,507.04% higher than that record low.
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BNB Price Prediction for March 2024
The prediction for the price of BNB in March 2024 is the lowest trading price could be $$427.92, with the highest potentially hitting $$605.33 in that month. The average estimation for the value of BNB is approximately $516.63, and the ROI is 59.1%.
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Technicals
It was consolidating in a bull flag, which it eventually broke out & pumped, currently facing minor resistances, If it manages to break them, it will continue to follow an upward trajectory.
The current trade setup shows an uptrend, with a recent breakout from a Bullish Flag pattern, pushing the price towards $400 for a potential 30% gain. There are two scenarios to consider: a continuation if the price breaks above $400 or a swing entry opportunity near $350 support with a 14% upside to $400. The Bullish Flag pattern, a reliable continuation pattern, formed after a sharp advance.
It’s characterized by short-term rectangles between diagonal lines, indicating consolidation before the trend resumes. While a breakout is preferred with increased volume, it’s not mandatory. Momentum is bullish but showing signs of inflection, with the MACD and RSI above 55. However, declining MACD Histogram bars suggest weakening momentum. Support zones are identified at $350 and $300, while resistance is at $400. Traders should set price alerts, monitor volume on a potential breakout, and stay vigilant for any shifts in momentum. Risk management, including stop-loss orders, is crucial.
