Binance shows resilience and recovery prospects after major changes in executive team. The departure of Binance CEO Changpeng Zhao and his involvement in legal disputes initially caused the value of Binance Coin (BNB) to fall. Despite the initial setback, the cryptocurrency has shown positive trends.
What’s next for BNB for the rest of 2024 and beyond? Let’s take a look at BNB’s price prediction and technical analysis.
Overview
Binance Coin Price Prediction: Technical Analysis
Binance Coin Price Analysis: BNB depreciates to $532.6 after downturn
TL;DR Segmentation
Binance Coin price analysis confirms the downtrend.
The coin value has dropped to $532.6.
The current support amount is $485.3.
Considering the day’s downturn, the bears have finally avoided a comeback. The price prediction for July 13, 2024 suggests that the cryptocurrency will face a highly bearish scenario. Although the past week has been favorable for a bullish recovery, currently, the bears appear to be in the lead. Overall, over the past 24 hours, the coin’s value has fallen to $532.6 amid a bearish backdrop.
Daily BNB Price Analysis: Bearish volatility leads to a break below the $532.6 mark
The Binance Coin price prediction indicates that the bearish trend of the cryptocurrency continues. The selling activity has caused the cryptocurrency to suffer considerable losses in the past 24 hours. If we talk about the coin value, then the coin is currently worth $532.6 due to the increased selling momentum. On the other hand, the moving average (MA) indicator confirms the rise in its value. Considering the continued rise this week, the indicator curve is on an upward trend and has reached a high of $517.8.
BNB/USD 1-day price chart.
Volatility is decreasing, which is another bullish sign for the coming days. And with decreasing volatility, the upper end of the Bollinger Band indicator has moved to $605.2. The lower end of the Bollinger Band indicator is currently at $485.3, finding stable support. The Relative Strength Index (RSI) indicator confirms the change in recent market events. Considering today's downward trend, its value has dropped to 43.76.
BNB Price Prediction on 4-Hour Chart: Downturn Leads to Depreciation Below $532
According to the Binance Coin hourly price prediction, bears have been on the winning side. The bears have been swiftly victorious over the past four hours and the cryptocurrency has suffered losses as a result. Amid the ongoing selling pressure, the coin’s price has dropped below $532. Meanwhile, the moving average indicator confirms the improvement in value. Due to the rise since yesterday, the value of this indicator has climbed to $531.8.
BNB/USD 4-hour price chart.
Volatility is stagnant, which means that the price may soon fluctuate in either direction. The upper end of the Bollinger Band indicator has moved to $539.1, a weak resistance level. The lower Bollinger Band has placed its value at $518.2, confirming a strong support point. The RSI chart shows a steep bearish slope on the four-hour price chart. Due to the bearish activity in the past few hours, its value has dropped to the index 56.26.
BNB Technical Indicators: Levels and Actions
Daily Simple Moving Average (SMA)
Daily Exponential Moving Average (EMA)
What to expect from Binance Coin price analysis
Binance Coin price analysis for the day confirms the downward price action. Bears have made a comeback in the past 24 hours due to increasing pressure from sellers. As a result of today’s drop, the BNB/USD value has therefore dropped to $532.6. Likewise, the four-hour price analysis also indicates a bearish slide for the cryptocurrency.
Is BNB a good investment?
Considering the recent price action, buying BNB and holding it for the long term could generate significant returns. From a five-year perspective, the cryptocurrency is expected to rise significantly, possibly exceeding $9,000 by 2030. However, financial choices should not be based solely on our data.
Why is BNB falling?
The price of BNB has increased by 0.21% in the past 24 hours and it remains above the support level of $485.3. Buyers have stepped in to purchase the asset and the support at this level seems to be solid but the bears have bounced back in the past few hours.
Will BNB reach $700?
Most cryptocurrency analysts, including Wallet Investor and Coincodex, are bullish on BNB. We expect BNB’s price to cross the $700 mark by the end of 2024.
Will BNB reach $2,000?
Currently, BNB is facing pressure from legal challenges from its ecosystem. However, as these issues are resolved next year, the price of the token is expected to start a bull run. By the end of 2026, BNB will reach nearly $2,000 and will surpass this mark in early 2027.
Will BNB reach $3,000?
Binance claims that users can save up to 25% on spot margin trading fees by using BNB. Another additional factor is that users can save up to 10% on future trading expenses using the token, which makes it a top choice. Binance also uses a significant portion of its proceeds to buy back BNB. The burning process also reduces the supply of the token and increases demand, and its value is expected to rise to over $3,000 by 2028.
What is the long-term outlook for BNB?
All cryptocurrencies involve risk and uncertainty. However, BNB has a strong market position and a management team that runs the world's largest cryptocurrency exchange. BNB has the potential to increase in utility and is expected to maintain a strong position in the cryptocurrency space. It is a good choice to hold it for the long term, with a projected tenfold return in just five years and a price of $7,000 by 2030.
Latest news/opinions about BNB
On June 28, the court dismissed the U.S. Securities and Exchange Commission’s (SEC) allegations that Binance illegally traded in the secondary market. However, the court said that charges related to Binance’s staking program and anti-fraud violations will proceed.
Binance will impose new restrictions on unauthorized stablecoins in Europe. Trading services such as spot trading and wallet services will be regulated to promote stability.
BNB Price Prediction July 2024
The maximum price of Binance Coin could reach $650 in July 2024. According to the analysis, the average trading price for the month is expected to be $600, while the minimum price is $535.
BNB Price Prediction 2025 – 2030
BNB Price Prediction 2025
The maximum price of Binance Coin (BNB) in 2025 may reach $1,193, with an average value of $1,038 and a minimum price of $1,003.
BNB Price Prediction 2026
In 2026, the BNB price may rise to a maximum of $1,771, with an average price of $1,553 and a minimum price of $1,511.
BNB Price Prediction 2027
In 2027, BNB’s highest valuation could reach $2,633, with an average trading price of $2,213 and a minimum trading price of $2,633.
BNB Price Prediction 2028
The highest price of BNB in 2028 is expected to be $3,640, the average price is $3,124, and the lowest price is $3,035.
BNB Price Prediction 2029
By 2029, the highest price of BNB may reach $5258, with an average trading price of $4673 and a minimum price of $4548.
BNB Price Prediction 2030
In 2030, BNB’s highest valuation could reach $7,863, with an average price of $6,467 and a minimum price of $6,281.
BNB Market Price Prediction: BNB Price Predictions by Analysts
BNB Price Prediction by Cryptopolitan
Our forecast shows that Binance Coin will reach a high price of $788 by the end of 2024. In 2025, the BNB price will be between $1003 and $1193. In 2030, it will be between $6281 and $7863, with an average price of $6467. It is important to consider that these forecasts are not investment advice. Professional consultation is recommended, or you can do your own research.
BNB Historical Price Sentiment
Binance Coin (BNB) was launched in July 2017 through an initial coin offering (ICO) at an initial price of around $0.10, according to historical data from the cryptocurrency market. As a utility token for the Binance cryptocurrency exchange, it offers users lower transaction fees.
In late 2017, BNB prices saw a sharp rise and reached their first peak in January 2018, reaching around $24. However, as the broader market corrected, BNB prices began to fall back.
BNB/USD historical price chart
The price of BNB gradually increased in 2018 and 2019 as the BNB market surged. In 2018, BNB traded around $13 for most of the time, but fell to $5 by December. However, BNB reached over $30 in June 2019.
Despite global economic uncertainty due to the COVID-19 pandemic, BNB has remained relatively stable and has been trending upward in 2020. The coin touched the $34 range in November 2020, thanks to Binance’s growing popularity as an exchange and the expansion of its ecosystem.
BNB experienced a notable bull run in early 2021, reaching highs above $600 in May 2021. Until recently, this remained BNB’s all-time high.
In 2022, the price dynamics of Binance Coin were characterized by volatility and were affected by a variety of factors, including macroeconomic factors and regulatory developments, which led to a bearish situation - in June BNB fell below $220, and in December the average price was $250.
In 2023, BNB continued to be a significant player in the cryptocurrency market, recovering to around $350 in April, but quickly lost momentum and fell to around $205 in October. In late December, BNB recovered to around $325.
At the beginning of 2024, the price of Binance Coin was close to $300, reaching $425 in early March. By the end of March, the coin reached $600 in a bull run and hit an all-time high of $717.48 on June 6. On July 1, the coin is currently trading between $577 and $588.
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