BNB On The Rise: Analysts Predict Easy Path To New ATH As It Nears $600
March 13 2024 - 7:00PM
NEWSBTC
Binance Coin (BNB) has been on a bullish run despite the regulatory
scrutiny that Binance has faced over the last several months. The
token registered an impressive 13.7% price surge after almost
reaching $600, and analysts predict that a new all-time high (ATH)
might be coming in the next couple of months. Related Reading:
Bitcoin Price Faces Big Move – Can Bulls Send BTC To $75K? Is The
Cost Clear For A New ATH? As the crypto market rallies, Bitcoin
continues to hit ATH after ATH, and altcoins’ prices keep regaining
the levels of the previous bullish run. BNB has not been the
exception; it surged over 13.7% in the last 24 hours and is near a
crucial support level that could propel the token even higher
during this cycle. The price increase could be attributed to market
dynamics and BTC’s performance. However, the recent announcement of
ether.fi (ETHFI)’s introduction to the Binance Launchpool also
seems to fuel the price since it will allow users to farm ETHFI by
staking their BNB. $BNB: This one goes to ATH easily and this was
kind of obvious IMO. Expecting some sort of small pullback before
all time highs but I think it breaks it soundly in the next few
months pic.twitter.com/Ipt66lWKOH — Altcoin Sherpa (@AltcoinSherpa)
March 13, 2024 Crypto analyst Altcoin Sherpa shared his forecast
for the token as the price was nearing $600. The analyst considers
that, given the current BNB’s performances, the path to the
previous ATH level is clear: “This one goes to ATH easily, and this
was kind of obvious IMO.” In the post, the analyst shared a chart
that displays BNB’s performance since its ATH of $686.3, which is
currently only 13.51% away. The token has registered mostly green
candles every week since 2024 and only weekly green candles since
February. In the past month, BNB’s price went from oscillating
between the $300-$320 price range to hovering between $520-$590,
representing an increase of over 80%. Despite the sunny forecast,
Altcoin Sherpa doesn’t rule out cloudy days. The analyst expects
pullbacks along the way but foresees BNB breaking the ATH “soundly”
in the next couple of months. Similarly, pseudonym crypto trader
and analyst Captain Faibik highlighted that the token has gained
over 120% since his ATH timeline prediction at the end of 2023. In
late December, the trader forecasted that BNB would reach a new ATH
in the first half of 2024, and the current performance seemingly
reaffirms this stance. BNB Price Performance Despite the recent
legal scrutiny faced by Binance, BNB has been able to sustain its
recovery path. According to the crypto hedge fund Split Capital,
the token has added more than $50 billion in market capitalization
since the exchange settled with the Department of Justice (DOJ) for
$4 billion in November. BNB’s market cap of $91.22 billion
represents a 10% increase in the last 24 hours. By this metric, the
token is the fourth largest cryptocurrency in the market.
Similarly, its trading volume significantly increased by 50% on the
last day. Earlier today, the price reached $599.8, just cents away
from hitting the $600 price range, according to CoinMarketCap data.
At the time of writing, BNB has been trading at $595.6, a price
surge of 38.6% in the last seven days. Related Reading: NEAR To
Rise Even Higher According To These Analysts, Can It Hit $10? BNB
is trading at $595.6 in the 4-hour chart. Source: BNBUSDT on
TradingView.com Featured image from Unsplash.com, Chart from
TradingView.com
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