Key Takeaways
Binance Coin (BNB) is fluctuating around $587, showing some selling pressure.
We predict BNB will reach $847 by the end of 2024 due to increasing adoption and demand.
By 2030, BNB’s price could potentially surge to $7609 with broader acceptance in mainstream finance.
After notable changes in its executive team, Binance has shown resilience and prospects for recovery. The departure of Changpeng Zhao, Binance’s CEO, who was also embroiled in legal challenges, initially caused a decline in the value of Binance Coin (BNB). Despite this initial setback, the cryptocurrency has shown a positive trend. Presently, BNB is trading at $58, reflecting a modest rise of 7.01% in the past month. What next for BNB in 2024? Let’s get into the details.
Overview
Cryptocurrency Binance Coin Token BNB Price $592.92 Market Cap $87,425,105,517 Trading Volume $1,600,470,452 Circulating Supply 147,585,323 BNB All-time High $690.93 May 10, 2021 All-time Low $0.09611 Oct 19, 2017 24 High $598.42 24 Low $589.77
Binance Coin Price Prediction: Technical Analysis
Metric Value Price Prediction $719 Volatility 3.50% 50-Day SMA $ 580.95 14-Day RSI 53.36 Sentiment Bullish Fear & Greed Index 57 (Greed) Green Days 16/30 (53%) 200-Day SMA $ 382.41
Binance Coin Price Analysis: Downswing aggravates loss below $592 low
TL;DR Breakdown
Binance Coin price analysis confirms a downtrend.
Coin value has dropped down to $592.8 low.
Strong support is available at $566.5 extreme.
The latest one-day and four-hour Binance Coin price analysis for 31 May 2024 indicates signs of a bearish trend. A continual downtrend was observed this week, as the selling activity remained considerably high. Because of the rising bearish activity, the overall coin value has dropped down to $593 low. If the bears persist, a further downswing can be expected in the coming days as well. For now, the selling activity seems to be going high as compared to the buying activity.
BNB price analysis on a daily timeframe: Downtrend persists as BNB drops to $593
The latest one-day Binance Coin price analysis gives out a highly bearish prediction regarding the ongoing market trends. The selling momentum has been intensifying since the past few days as the bears have been ruling quite consistently. Because of the bearish takeover in the past 24-hours, the overall cryptocurrency has devalued below $592.8 margin. Because of the downswing, the BNB/USD pair is situated below the Moving Average (MA) curve. As a result of the continuous bearish side, the moving average curve seems to be descending. The overall value of the moving average indicator has dropped down to $598.9 low today. If the bears remain persistent further decline in coin value seems possible.
BNB/USD 1-day price chart. Source: TradingView
The volatility is expanding which is a sign of an upcoming downtrend. It can be expected that the coming days can prove favorable towards the sellers once again. Because of the changing volatility, the upper extreme of the Bollinger bands indicator has switched to $619.9 high, indicating the resistance levels. Whereas, the lower end of the Bollinger bands indicator has moved to $566.5 low, hinting at stable support. The Relative Strength Index (RSI) indicator confirms the recent changes in the price movements. As the price movements remained highly bearish, the overall RSI value has deteriorated down to index 50.04 today.
BNB price forecast on the 4-hour chart: Cryptocurrency seeks recovery above $592 high
The recent four-hour Binance Coin price analysis gives out a bullish prediction regarding the current market events. The price has been following an increasing movement since the past four hours of the day. As a result of the bullish comeback, the overall cryptocurrency value has spiked up to $593 high. Because of the bullish strike in the past few hours, the moving average value has improved as well. The overall moving average value has stepped up to $594.1 as a result of the increasing bullish momentum.
This creates a relatively bullish scenario for the cryptocurrency buyers for now.
BNB/USD 4-hour price chart. Source: TradingView
The volatility has undergone a subtle decline which is a positive signal for the coming hours. A further upturn can be expected in the next few hours of the day as well. Because of these changes in the volatility, the upper extreme of the Bollinger bands indicator has switched to $602.9 high, indicating strong resistance. Whereupon, the lower extreme of the Bollinger bands indicator has moved to $589, marking support for the cryptocurrency. The RSI graph displays a sharp bullish curve because of the rising coin value. Because of the upside, the RSI value has improved up to index 44.67, which is quite an average figure.
BNB Technical Indicators: Levels And Action
Daily Simple Moving Average (SMA)
Period Value Action SMA 3 $ 593.01 SELL SMA 5 $ 589.25 SELL SMA 10 $ 592.22 SELL SMA 21 $ 585.55 BUY SMA 50 $ 580.95 BUY SMA 100 $ 499.45 BUY SMA 200 $ 382.41 BUY
Daily Exponential Moving Average (EMA)
Period Value Action EMA 3 $ 589.56 SELL EMA 3 $ 587.34 BUY EMA 3 $ 585.26 BUY EMA 3 $ 582.90 BUY EMA 3 $ 560.68 BUY EMA 3 $ 502.42 BUY EMA 3 $ 422.75 BUY
What to expect from Binance Coin price analysis
The latest one-day and four-hour Binance Coin price analysis confirms a declining price movement for the day. The bears remained on the dominating end as the selling pressure has been intensifying since the past 24-hours. Because of the bearish turn, the overall coin value has dropped down to $593 low. On the other side, the four-hour price analysis predicts an increasing trend because of the bullish recovery.
Is BNB a Good Investment?
The Binance Ecosystem has seen significant growth over the years, with the utility of its token extending beyond the exchange, finding use in the DeFi space, NFT marketplaces, and as a staking token on Binance Smart Chain (BSC). The future profitability of BNB hinges on the expansion of the Binance ecosystem, regulatory developments, and further widespread adoption. Binance’s strategy of regularly burning BNB tokens to reduce supply could potentially increase its value, provided demand remains strong. BNB’s role as a key asset in the cryptocurrency space is likely to grow as blockchain technology and cryptocurrencies continue to gain adoption.
Recent News/Opinion on BNB
Binance Founder and CEO Changpeng Zhao, known as CZ, has been sentenced to four months in prison for violating the Bank Secrecy Act on April 30, 2024. The US Department of Justice sought a three-year sentence, but CZ’s lawyers requested probation. He is free on a $175 million bond.
The BNB Chain has seen a rise in daily transaction fees and revenue, hitting record levels in 2024. However, this spike coincides with a drop in user activity, raising concerns about sustainability, centralization risks, and potential market manipulation. Despite bullish sentiment around BNB’s price, it is crucial to examine the factors driving these metrics for the ecosystem’s long-term health.
BNB Price Predictions May 2024
The short-term analysis of BNB shows that the coin’s price will keep improving, albeit at a slow pace, in May 2024 as it moves above $590, even though the market sentiment is entirely bullish. The volatility has decreased significantly as the BNB coin is following a zigzag pattern and seems to be moving into a range-bound pattern since it has not been able to break above $632.3 since mid-March.
Looking at the present trend, it’s essential to trade with caution as a breakout in any direction is possible, but most of the indications seem to be for more upside as the overall price movement pattern is still in that direction, and in a break above, it can reach $719 by May 31.
Binance Coin Price Prediction Potential Low Potential Average Potential High Binance Coin Prediction May 2024 $ 586.16 $640 $719
BNB Price Predictions 2024
The BNB price trajectory in 2024 has been more than appreciable, with Binance Coin attempting to reach $633 on March 13, which was around 10% shy of the all-time high of $690 observed on May 9, 2021. BNB has also performed well year to date, with approximately 75% gains. Even the news of Binance’s CEO’s centenary and his stepping down has not affected the BNB price much; rather, surprisingly, it held well with 47% green days during the past 30 days.
The BNB price prediction for 2024 anticipates that the asset could reach a maximum price of $873.20 by the end of December. We expect an average trading price of $799.53 and a floor price of $769.45.
However, it can be expected that increasing scrutiny by the US watchdog and allegations regarding violations of anti-money laundering, technological advancements, and regulatory changes can affect forecasts, and investors should carry out their own due diligence before investing in BNB. But the world’s largest cryptocurrency exchange is expected to benefit from the emergence of meme coins.
Binance Coin Price Prediction Potential Low Potential Average Potential High Binance Coin Prediction 2024 $769.45 $799.53 $873.20
BNB Price Predictions 2025 to 2030
Year Minimum Price Average Price Maximum Price 2025 $1,076 $1,106 $1,300 2026 $1,517 $1,561 $1,840 2027 $2,016 $2,257 $2,584 2028 $2,936 $3,019 $3,439 2029 $4,235 $4,386 $5,087 2030 $6,278 $6,498 $7,609
BNB Price Prediction 2025
Looking ahead to 2025, price forecast for Binance Coin Price Prediction suggests that the cryptocurrency could reach a maximum price of $1,300. Experts also propose an average value of $1,106 for BNB. In more conservative market conditions, the asset could still maintain a minimum price of about $1,076.
BNB Price Prediction 2026
With respect to BNB price forecast for 2026, analysts posit that BNB could scale up to a maximum price of $1,840. The market analysis model projects that the asset could still achieve a minimum price of $1,517, and an average price of $1,561 as per Binance Coin price prediction.
BNB Price Prediction 2027
For the 2027 financial year, Binance Coin price prediction infers that BNB may reach a maximum valuation of $2,584. Expected an average trading price of approximately $2,257. The minimum price for the digital asset could be close to $2,016.
BNB Price Prediction 2028
Binance Coin price prediction for 2028, suggests that the ongoing growth of the Binance ecosystem will contribute significantly to BNB’s future price action. Analysts projections foresee a maximum Binance Coin Price Prediction of $3,439, an average price of $3,019, and a minimum trading value of $2,936.
BNB Price Prediction 2029
For the year 2029, Binance Coin Price Prediction shows a sustained upward trajectory for the asset, potentially reaching a maximum price of $5,087. Experts also forecast an average trading price of about $4,386, and a minimum price of $4,235 according to Binance Coin price prediction.
BNB Price Prediction 2030
According to Binance Coin price prediction for 2030, BNB could attain a maximum market valuation of $7,609. In addition, our Binance Coin Price Prediction suggest an average market price of $6,498 and a minimum price of $6,278.
BNB Market Price Prediction: Analysts’ BNB Price Forecast Firm Name 2024 2025 Wallet Investor $713.69 $1023 Coincodex $ 1,022.45 $ 1,022.45 CoinGecko $1,292.45 $1,493.16 Cryptopolitan’s Binance Coin Price Forecast
Cryptopolitan’s Binance Coin price prediction for 2024 to 2030 suggests a bullish outlook with some possible downstreams. While the year started with a sort of consolidation for the entire month of January in the $286 to $330 range, the market sentiment started to turn bullish in February, and we expect it to reach $737 by the end of the year.
A majority of experts on the subject are highly bullish, and we at Cryptopolitan expect the coin price to reach $1076 at the minimum in 2025, but the range can go up to $1300, and a year later, in 2026, it can peak at $1840.
BNB Historic Price Sentiment
Binance Coin (BNB) was launched in July 2017 through an Initial Coin Offering (ICO), with an initial price of around $0.10 according to historical data of crypto market. As a utility token for the Binance cryptocurrency exchange, it offered users reduced trading fees. In late 2017, BNB’s price saw a significant increase, and reached its first major peak in January 2018, hitting approximately $24. However, it experienced a decline following the broader market correction.
Throughout 2018 and 2019, BNB’s price experienced gradual growth as BNB market kept improving as per thorough research. A key development during this period was the launch of Binance Chain in April 2019, which introduced Binance DEX, a decentralized exchange. This led to BNB reaching new highs, going above $30 in June 2019. Despite the global economic uncertainty due to the COVID-19 pandemic, BNB maintained relative stability and saw an upward trend in 2020. This was partly due to the growing popularity of Binance as an exchange and the expansion of its ecosystem.
BNB experienced a significant bull run in early 2021, reaching an all-time high above $600 in May 2021. Binance Coin’s price dynamics in 2022 were characterized by volatility and were influenced by a combination of macroeconomic factor and regulatory developments which led to a bearish scenario – that took BNB to less than $220 in June, and an average price of $250 in December.
BNB continued to be a significant player in the cryptocurrency market in 2023, recovering to about $350 in April, but soon lost momentum, reaching about $205 in October, mostly influenced by the prolonged crypto winter. The bulls got back into the market in late December and BNB climbed back to about $325. In 2024, Binance coin is trading at about $600 and the Binance Coin Price Prediction for the current year is to be between $737 to $847 as the overall sentiment remains bullish.
The Binance coin record for 2024 shows that the coin has nearly doubled its value since January 1, 2024, as the BNB price was $311 on the first day of the year and is nearing the $600 mark at the moment, often breaking above the said threshold. BNB is among the top performers this year, as it remained extremely bullish until March 13, 2024, in the cypto market and has been sustaining its position since then.