BNB keeps up with an uptick, targets a fresh rally

Binance coin is up by 2.72% in the last 24 hours, and more highs are on the horizon. BNB has been rising in the past couple of days and is currently listed at $322.08. Assuming it keeps up with the bullish ride, there are estimates that it may surpass the mark of $350 by the weekend. That will largely depend on factors like market sentiment, the growth of the native ecosystem, and the development of exchange platforms.

BNB keeps rising – Will it start a fresh rally?

The last two years have been somewhat predictable for BNB. It has only danced within the range of $216 and $337. Technically, even going closer to $350 would mean that it has broken the traditional comfortable class. Challenges continue to rise with an estimate that the support level of $277 is likely to be breached, invalidating the bullish thesis and sparking bearish sentiments.

That would trigger a price correction for a trade value of $252. The Relative Strength Index and Awesome Oscillator are in bullish territory, with mean levels of 50 and 0, respectively. If BNB traces back to an imbalance, then it would potentially reach the support floor of $277. Bulls can be optimistic about a rise, but bearish claws have not been lifted completely.

Macroeconomic trends are in favor of the cryptosphere. The upcoming Bitcoin Halving will likely trigger an uptick in Bitcoin, causing a ripple effect throughout the market. It is difficult to roll out an estimated rise as there could be a momentary downfall in the charts and graphs. BNB price prediction is optimistic that the token will break out of the 2-year period by the end of 2024.

Will it rise above $350 by the end of the week?

The fundamental factor of volatility could pull it down from $350 even if the token bags that milestone by this week’s end. That does not negate the possibility that $350 is on the horizon. For instance, when the US SEC approved 11 ETF applications, BTC touched a nerve of $47,000. Bitcoin is down at the moment, with the token exchanging hands at $46,160.72.

Another factor that could hamper the jump to the said mark is its presence across the world. Not every country is happy about having Binance running on their soil. BNB would trigger a rise if the Binance exchange platform gets a green light from relevant authorities.

Until then, the milestone will be heavily discussed and expected. There is certainly a demand for BNB in the crypto sphere.

BNB is at $322.57 at the time of articulating this piece. The last week has been full of ups and downs for the token. The maximum it hit was $323.60 on February 9, 2024. The lowest was $298.85 on February 4, 2024. Five days have seen the token gain upswing, which had obvious fluctuations on the way.

That is evident from the fact that the token was at ~$300 on February 7, 2024, before it started its uphill trend. Drawing a parallel line certainly reflects a new range where $300 could be a support level, up from $277. This would potentially pave the way for a high of $350.

‘2024’ being a good year for BNB

It is only the beginning of 2024, and the jump has been significant—7.19% in the last 30 days. BNB did dip below $300 between January 24, 2024, and January 28, 2024, plus February 1, 2024, and February 2, 2024. The lowest was $287.87, with a 24-hour volume of $1.01 billion. It had mostly stayed above the dotted line of $300.

The uptick continues without any significant downfall. The selling pressure has eased out in the crypto sphere, creating a vacuum for the buying pressure to take over.

That said, it is up to Binance to leverage the opportunity and not let the buying pressure dip beneath the ground. A higher movement would reflect better demand and, hence, attract better prices. The long-term prospect is that BNB will reach a $1,000 valuation maximum by the end of 2026. That could double by the end of this decade, that is, by 2030.

As for the present year, all eyes are on how Bitcoin ETF progresses and whether Ether ETF ever sees the light at the end of the tunnel. In addition, how many more crypto ETFs will be introduced if the Commission approves them?

There is no word about an ETF in the Binance ecosystem as of now.

Conclusion

The short-term outlook of the Binance coin (BNB) is volatile; however, the long-term perspective is stronger with larger milestones in the books. As its price moves higher, traders and investors will want to hold on to their tokens. A slight decrease, if any, will open the window for accumulation.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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