Can BNB hit $650 by April’s end? The race is on!

The Binance Coin (BNB), the significant token of the crypto exchange platform Binance, has demonstrated remarkable strength and growth despite the adverse crypto market. After the price bottomed at $512 on April 17th, BNB soared 18.4% and went above $607.  This remarkable recovery has placed BNB in a favorable position, potentially leading to a bullish breakout from a pennant pattern and an even higher price for the token.

The recent events surrounding BNB are among the main reasons for the bullish sentiment around its future. Twitter user WuBlockchain announced the completion of the BNB Foundation’s 27th quarterly token burn. This resulted in the burning of 1,944,452.51 BNB tokens, estimated at $1.17 billion. This staking scheme by the Foundation demonstrates their commitment to pursuing a deflationary agenda that supports BNB’s steady growth and prosperity in the long run.

As per the BNB price forecast, the technical aspect of BNB shows a good sign for its future. Critical considerations, including EMA and DMI, signify a healthy uptrend. The 50-day EMA has recently provided substantial support for BNB, whereas the DMI crossover in the positive domain shows that traders’ confidence is on the rise.

Financial experts and analysts closely monitor the pennant formation on the BNB price chart, a technical pattern often associated with periods of intense upside moves. This frequently manifests as an upward trend, which has the potential to sustain and escalate prices even further. If BNB is able to ultimately overcome this formation, it could potentially attain a substantial target of $775. Nevertheless, some analysts are predominantly trying to establish whether or not BNB will eventually beat the $650 resistance by the end of the month. The substantial achievement of this objective will depend heavily on its ability to maintain its present favorable trends.

On the contrary, these may manifest as external market fluctuations or abrupt surges in supply-related elements. This may cause a deviation from the current trajectory and prolong the period of consolidation. Due to their susceptibility to the market’s volatility, investors in this situation must exercise vigilance and conduct satisfactory research on their trading strategies.

Moreover, some other developments with the Binance network show its bright future and attract many investors’ interests. The growing adoption of BNB on various platforms, including online shopping and decentralized finance activities, underscores its growing applicability and integration with the broader cryptocurrency and financial landscape.

Additionally, developers widely use the Binance Smart Chain (BSC) due to its integration with the Ethereum Virtual Machine (EVM) and its low-cost operation and transaction fees. As a consequence, the number of decentralized applications (dApps) built on the Ethereum network has skyrocketed. All of these factors contribute to the increased visibility and efficacy of BNB coin.

Investors and BNB token holders ought to diligently observe market behavior and technical signals in light of the impending arrival of such pivotal locations. The future of the BNB coin appears to be quite bright, given the variety of features and enhanced products offered by Binance. However, it is important to acknowledge that investing entails certain inherent hazards and uncertainty.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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