BNB token, which is at the heart of the Binance exchange, recently broke a new ATH record by reaching $ 712.59. While there are many factors in the rise of BNB, these rises may be just the beginning. Here are BNB Price Predictions and analysis.
BNB May Continue to Rise
As of the date of writing, BNB is trading at $706. The biggest factors in the rise of BNB are Megadrop, Launchpool and Stake services. While all this is happening, millions or even billions of dollars worth of BNB tokens are being locked. Users gain an advantageous position in the listing by locking their BNB to earn free tokens at every new Megadrop and Launchpool event.
Binance shared the Ionet (IO) Coin launchpool listing in its latest announcement. Users compete with each other to earn more rewards by staking BNB early. For this reason, BNB rises again during launchpool periods. As the Ionet announcement spreads, it seems likely that a new ATH record will be achieved.
BNB Will Continue to Burn
Besides all these, the BNB supply is 147,353,678 BNB as of the date of writing. Did you know that this supply will gradually burn until it drops to 100 Million units? BNB, which is at the heart of the Binance ecosystem, will continue to decrease day by day. In this way, the price will reach its real value with the decreasing supply.
In the long run, such a decrease in supply may have a serious positive impact on the price.
BNB Comments and Price Predictions
Considering all these scenarios and services, BNB price may still be low. This may be a sign that BNB will reach a better price level in the future. Price predictions for BNB are as follows;
According to our current Binance Coin price prediction, the Binance Coin price is predicted to increase by 12.82% to $797.27 by July 6, 2024. According to our technical indicators, the current sentiment is Bullish while the Fear and Greed Index reads 78 (Extreme Greed). Binance Coin recorded 16/30 (53%) green days with a price fluctuation of 4.01% in the last 30 days.
According to data as of June 2024 at 12:58, the overall Binance Coin price forecast sentiment is bullish, with 28 technical analysis indicators indicating bullish signals and 4 indicating bearish signals.
Based on today's classic pivot point (P1) at $706, $BNB has support levels at $685.86, $672.72, and the strongest at $659.92. Similarly, Binance Coin resistance levels are at $711.80, $724.61 and $737.74.
