Will BNB Reach $800 Next Month? Let's Find Out
Believing in BNB, currently priced at $800, has solid reasoning behind it. Binance Coin (BNB) experienced a 5.5% increase on May 9, reaching a peak of $605, although it now hovers just under $600. Despite today's slight retreat, BNB has shown consistent upward momentum over a more extended period, with a 91% surge in 2024, hitting an all-time high of $645. This rally places BNB just 7% shy of its peak of $690 in May.
BNB has been consolidating within a broad range, spanning from $500 to $620, prompting speculation among traders about its impending breakthrough past its record high. Despite a dip in trading activity in April, Binance retains its position as the largest cryptocurrency exchange by a significant margin.
Moreover, the increased network activity on the BNB chain suggests further potential for price escalation. The Total Locked Value (TVL) on the BNB chain has surged by 54% in 2024, indicating growing engagement from users and developers with the platform.
Projections indicate an impending breakthrough for BNB's price, given its formation of a "bullish pennant," signaling a likely surge to a new high. Although the current price trails the historical peak by 15%, the MACD indicator remains positive and is on the verge of a bullish crossover, signaling favorable market conditions for upward movement.
Amidst market volatility, it's essential to avoid buying high and selling low. Which coin should you deploy in the next phase? Follow along for free core strategies and navigate the market with confidence.
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