As a seasoned crypto investor with over a decade of experience navigating the volatile cryptocurrency market, I must admit that the recent bullish sentiment surrounding Binance Coin (BNB) has caught my attention. The token’s three consecutive daily price increases and the break of its five-month consolidation have piqued the interest of many analysts, including myself.
For three straight days, the price of BNB increased, leading analysts to be optimistic that Binance Coin might reach a yearly peak of $725 again, following a break from a five-month price range. On November 11, the token was trading at its highest point since June 10, standing at $628, which is 57% above its September lows.
Crypto Analysts Are Bullish on BNB Price
The surge in Binance Coin’s price appears to align with the prevailing optimistic attitude in the cryptocurrency sector, following Bitcoin reaching an unprecedented $82,000 milestone for the first time. Furthermore, the Crypto Fear & Greed Index has climbed into the zone of greed, currently standing at 74.
Experts are optimistic that BNB could see further price increases in the near future, as suggested by Crypto Rand in a recent post. This crypto analyst with over 308,000 followers points out that the coin has formed a bullish reversal pattern, specifically an inverse head and shoulders shape.
A different analyst, often referred to as HTL-NL with a follower count of 13,000, highlighted the monthly graph, indicating that it could potentially reach a new record high.
Binance Coin Has Numerous Catalysts
In simpler terms, the price of BNB could significantly increase in the short term due to several factors. One key factor is the high trading activity on Binance’s spot and derivative markets. As per CMC, the volume for the spot market reached an impressive $43 billion within the last 24 hours, while the derivatives volume surged to a staggering $126 billion.
The Binance Coin functions as the backbone for the BNB Smart Chain, but it’s frequently employed as a stand-in for Binance’s overall performance.
In the past week, the trading volume on decentralized exchanges (DEX) within BNB Chain has surged by approximately 29%, reaching a staggering $6.4 billion. This places it as the fourth-largest player in the DEX market, following Solana, Ethereum, and Base.
Furthermore, due to the network’s burn mechanism, the quantity of BNB in circulation has consistently decreased. Over the past seven days, a total of 457 BNB worth approximately $286,072 have been destroyed. During the third quarter alone, a staggering 1.77 million tokens were burned.
BNB Crypto Price Analysis Points To More Gains
Today’s graph indicates a rebound in Binance Coin prices, pushing them to their peak since June. This upward trend surpasses the significant barrier at $607, which it had been unable to breach since June 19.
The price held significance as it represented the peak of both the ascending triangle formation and the inverse head and shoulders pattern.
The price of BNB is currently higher than both its 50-day and 200-day moving averages, which indicates a positive trend. Additionally, it’s displaying a minor bullish pennant formation, suggesting potential upward movement in the near future.
Based on current trends, it’s anticipated that the BNB token could increase, potentially reaching its previous high of $725. Should it surpass this mark, further growth towards $800 seems possible. However, if it falls below the ascending trendline, this prediction may be invalidated, suggesting a potential triple-top formation and possible subsequent price decline.
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2024-11-11 23:13