In this (BNB) price forecast 2024, 2025-2030, we will analyze the price patterns of BNB using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency.
Binance Coin (BNB) Current Market Status
What is Binance Coin (BNB)
Binance Coin (BNB) was launched in 2017 as the utility token for Binance, one of the largest crypto exchanges. Initially, Binance Coin (BNB) was only used as transaction fees and trading fees on the exchange. Binance has almost the largest crypto trading volume at $7.6 billion at the start of Q2 2023.
Later in September 2020, Binance launched Smart Chain (BSC), an EVM-compatible Proof-of-Stake Authority (PoSA) blockchain. The exchange token has migrated to the BSC and its functionalities have been expanded.
Binance Coin 24H Technical
Binance Coin (BNB) Price Prediction 2024
Binance Coin (BNB) ranks 4th on CoinMarketCap in terms of its market capitalization. The overview of the Binance Coin price prediction for 2024 is explained below with a daily time frame.
In the chart above, Binance Coin (BNB) has outlined the Horizontal Channel, also known as the sideways trend. Generally, the horizontal channel is formed during the price consolidation. In this pattern, the upper trendline, the line connecting the highs, and the lower trendline, the line connecting the lows, run horizontally parallel and contain the price action.
A horizontal channel is often considered one of the suitable patterns for timing the market as the buy and sell points are in consolidation.
At the time of analysis, the price of Binance Coin (BNB) was recorded at $347.15. If the pattern trend continues, the price of BNB may reach the resistance level of $599.7 and $350.2. If the trend reverses, the price of BNB may fall to the support of $203.2 and $268.8.
Binance Coin (BNB) Resistance and Support Levels
The chart below gives the possible resistance and support levels of Binance Coin (BNB) in 2024.
From the above chart, we can analyze and identify the following as resistance and support levels of Binance Coin (BNB) for 2024.
Binance Coin (BNB) Price Prediction 2024 – RVOL, MA and RSI
The technical analysis indicators such as relative volume (RVOL), moving average (MA) and relative strength index (RSI) of Binance Coin (BNB) are shown in the chart below.
From the readings on the chart above, we can draw the following conclusions about the current Binance Coin (BNB) market in 2024.
Binance Coin (BNB) Price Prediction 2024 — ADX, RVI
In the chart below, we analyze the strength and volatility of Binance Coin (BNB) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).
From the readings on the chart above, we can draw the following conclusions about the price momentum of Binance Coin (BNB).
Comparison of BNB with BTC, ETH
Now let’s compare the price movements of Binance Coin (BNB) with those of (BTC), and (ETH).
From the above graph, we can interpret that the price action of BNB is similar to that of BTC and ETH. That is, when the price of BTC and ETH rises or falls, the price of BNB also rises or falls respectively.
Binance Coin (BNB) Price Prediction 2025, 2026 – 2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Binance Coin (BNB) between 2025, 2026, 2027, 2028, 2029 and 2030.
Closure
If Binance Coin (BNB) establishes itself as a good investment in 2024, this year will be favorable for the cryptocurrency. Finally, the bullish Binance Coin (BNB) price prediction for 2024 is $400. In comparison, factoring in unfavorable sentiment, the bearish Binance Coin (BNB) price forecast for 2024 is $224.4.
If the market momentum and investor sentiment increase positively, Binance Coin (BNB) could reach $400. Furthermore, with future upgrades and advancements in the Binance Coin ecosystem, BNB may surpass its current high (ATH) of $690.93 and mark its new ATH.
This content was originally published by our partners at The News Crypto.
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