Binance Coin (BNB) Breaks New Ground With All-Time High Of Nearly $720

Christian Encila

1 year ago

3 mins read

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The native token of the biggest cryptocurrency exchange worldwide, Binance Coin (BNB), has been on a roller coaster lately. Following a period of consolidation, BNB shot to a fresh all-time high of $717 on Friday. The coin stays firmly in bullish territory despite a small dip; analysts see more possible expansion.

Surge In Demand Fuels Rally

BNB had been trading in a sideways range before to its most recent ascent, a trend often seen before a significant price change. This phase of consolidation let sellers and buyers find some sort of equilibrium. But on June 3, a surge of purchase activity sent BNB over the upper limit of this range, closing the day at $685.

There seem to be a confluence of elements driving this increased buying demand. Demand for the coin has probably been fueled by higher user interaction on the Binance exchange as well as by the growing use of BNB inside its ecosystem (discounts on trading costs, participation in token sales). Positive market mood all throughout the bitcoin field has also surely had a part.

Technical Indicators Flash Green Lights

Technical study also presents BNB in a favourable light. Currently sitting in overbounded territory, momentum indicators including the Relative Strength Index (RSI) and Money Flow Index (MFI) show that purchasing activity is outperforming selling. This suggests great market strength and more possibility for price increase.

BNB market cap currently at $101 billion. Chart: TradingView.com

Eyes On $750 And Beyond

Regarding BNB’s future path, analysts are very positive but yet wary. Some analysts believe BNB might hit $750 in not too distant future if present purchasing pressure keeps. From present values, this target price shows a possible increase.

Binance Coin (BNB), meantime, is expected to rise significantly by 145%, maybe reaching $780 by July 7, 2024. Strong technical indicators back this positive projection; the attitude of the current market is leaning hopeful. Currently at 77, the Fear & Greed Index shows Extreme Greed, implying more investor confidence and a strong buying environment.

BNB flashing bullish signs. Source: CoinCodex

Furthermore, BNB’s price volatility—which reflects a reasonable degree of trading value—has been recorded as 5% over the past month. Though it’s not unprecedented for cryptocurrencies, this degree of volatility emphasises the possibility for both gains and falls.

But given the strong positive attitude and improving market conditions, BNB is well-positioned for near term steady increase. The market attitude and outside forces can quickly alter the course of BNB’s price movement, hence investors should be alert and take these elements into account while deciding what to do in trading.

Featured image from Bit Perfect Solutions, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.