Introduction
Binance Coin (BNB), the utility token of the largest cryptocurrency exchange Binance, continues to be one of the promising assets in the crypto market. In 2024, despite temporary fluctuations, technical analysis shows signs of potential growth. In this article, we will look at the key indicators and forecasts for BNB in 2024 and 2025.
Current situation
In September 2024, BNB price is fluctuating between $488 and $535, which is lower than the previously expected forecasts of $593.3. The price reached a low of $488.74 in early September, with a high of $535.45 in late August. However, support at $488 remains strong, and year-end forecasts point to a possible recovery to $692.91 if market conditions remain favorable.
Technical Analysis Tools
1. EMA (Exponential Moving Averages):
- The 200 EMA still points to important long-term support around $516.20, which is a key level for the bullish trend to continue. If the price $BNB consolidates above this level, further gains can be expected.
2. RSI (Relative Strength Index):
- The RSI value is fluctuating in the neutral zone, indicating a balance between buyers and sellers. However, if the RSI falls below 30, it could be a buy signal, especially if the BNB price approaches key support levels.
3. MACD (Moving Average Convergence/Divergence):
- The MACD line is approaching a crossover of the signal line from below, which may indicate the possibility of price growth in the coming weeks. This confirms a potential bullish trend.
4. Bollinger Bands:
- BNB price is currently at the bottom of the Bollinger Bands, indicating a possible trend reversal and upward movement in the near future.
Forecast for 2025
Forecasts show that $BNB could reach $1,088 in 2025 if the current bullish trend continues. The growing demand for the token due to its use on the Binance platform and regular token burns support the optimistic outlook for the long term.
Conclusion
Despite temporary price fluctuations in September 2024, Binance Coin (BNB) remains a promising asset for long-term investors and traders. Support at $488 provides a stable base for possible growth, and key technical indicators such as the EMA 200 and MACD point to the possibility of a recovery in the coming months. Forecasts for the rest of 2024 remain positive, with an increase to $692.91 expected, and in 2025, BNB could reach $1,088 if the current trend continues.
For traders, current levels could be a good entry point into the market, as positive fundamentals such as regular token burns and the use of $BNB for trading fee discounts continue to support demand for the token. If the market remains favorable, BNB has a good chance of further growth during 2024-2025.