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Is $700 the Next BNB Milestone in Sight? – Crypto News

Published

2 years ago

March 13, 2024

Dripp

Binance Coin price forecast: BNB has notably surged in the cryptocurrency arena, breaking past the $550 resistance mark. This advance triggered a significant uptrend, reflected in its more than 12% gain within just 24 hours. Currently, Binance Coin’s price stands at $594, exhibiting a strong upward trajectory. This momentum hints at the possibility of further gains.

Binance Coin Price Forecast: Anticipating Breakthroughs Amidst Ascending Trend

Binance Coin has emerged as a front-runner. Its market capitalization reached a remarkable $88.93 billion. The trading activity for BNB saw a 51% increase, totaling $5.27 million in the past day. Such activity underscores a robust and continuing interest from investors. This trend also highlights the market’s optimistic outlook towards Binance Coin’s future performance.

Binance Coin Price Forecast: Is $700 the Next BNB Milestone in Sight? — Binance Coin Price Forecast:

Over the past seven days, BNB’s trading activities have shown commendable dynamics, with values fluctuating between $420 and $598. This fluctuation represents a significant growth of 40%, a trend seen as a positive indicator for future performance.

In the last month, BNB price experienced a strong rally, soaring over 85% and reaching a peak not observed in two years. This upward movement underpins the growing optimism among investors and traders alike, suggesting a bullish outlook for BNB in the near term.

Binance Coin Unveils Airdrop Alliance Program to Bolster Community Engagement

Binance has launched an innovative “Airdrop Alliance Program” aimed at rewarding its robust community base. This strategic initiative is poised to amplify awareness concerning airdrop opportunities within leading projects on the BNB Chain, encouraging deeper community engagement.

Introducing the Airdrop Alliance Program by BNB Chain – a program crafted to reward the incredible support from our community. 🪂 pic.twitter.com/GCq2KmWHEn

— BNB Chain (@BNBCHAIN) March 13, 2024

It represents a collaborative effort between BNB Chain and elite projects pending token issuance. It focuses on rewarding users who have actively participated in transactions on the BNB Smart Chain (BSC) and opBNB.

Binance Coin (BNB) is currently on an upward trajectory, signaling a potential shift towards a bullish market phase. If the upward momentum persists, BNB could soon breach the $600 resistance level. A sustained positive trend could push its value to approach the $700 milestone in the near future.

On the downside, If the market faces downward pressure, BNB’s value retreats to the $550 support point. A further downturn could see its price drop to around $500, underlining the volatile nature of the cryptocurrency market.

BNB Technical Analysis Suggests Bullish Outlook

The daily technical analysis, focusing on daily chart indicators, presents a promising outlook. The Moving Average Convergence Divergence (MACD) showcases a bullish trend, with both the MACD and signal lines positioned above the zero line. This setup highlights a favorable moment for potential buyers.

Moreover, the Chaikin Money Flow (CMF) index is currently positive, recorded at $0.41, reinforcing the optimistic market sentiment. The Relative Strength Index (RSI) for BNB stands at a high of 85.23, signaling a market that may be overbought.