Binance Coin Price Analysis: Will $BNB Price Surpass $650 By April End?

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As a seasoned cryptocurrency trader with years of experience, I’ve closely observed Binance Coin (BNB) outperform the broader market following Bitcoin Halving. The altcoin’s impressive 18.4% rally from the April lows to the current price of $607 is noteworthy. However, I see BNB trading within a short-term lateral movement, as indicated by a pennant pattern on its chart.

Expert: The price analysis for Binance Coin (BNB), the native cryptocurrency of the top global cryptocurrency exchange, has shown impressive gains despite the broader market’s lethargic performance post-Bitcoin Halving. Following a low of $512 on April 17th, BNB surged by approximately 18.4% to its current value of $607. This upward trend, on the brink of breaking through a pennant pattern, presents a potential buying opportunity for investors aiming towards $700.

Will BNB’s 27th Quarterly Burn Break the Sideways Trend?

Binance Coin Price Analysis: Will $BNB Price Surpass $650 By April End?

I’ve been observing Binance Coin’s price action lately, and I notice that its short-term trajectory is exhibiting a sideways trend. This movement can be identified by the converging trendlines of a pennant formation in the chart. Pennants are typical technical setups that often emerge during an established uptrend. They offer a brief pause for buyers to regain their bullish momentum before resuming the upward price movement.

I’ve recently come across an exciting development in the crypto sphere: the latest quarterly token burn event by the BNB Foundation, as reported by WuBlockchain. In this occasion, a massive amount of 1,944,452.51 BNB tokens were automatically taken out of circulation, marking a significant reduction in supply.

The BNB Foundation has finished the 27th quarterly destruction of BNB tokens, amounting to a total of 1,944,452.51 BNB, equivalent to around $1.17 billion. This burn occurs automatically using a set formula each quarter.
— Wu Blockchain (@WuBlockchain) April 24, 2024

The estimated value of this burn is approximately $1.17 billion, highlighting the BNB Foundation’s dedication to deflationary features in its token economics. The underlying mechanism for this periodic burn is recalculated every three months to keep pace with the ecosystem’s expansion and BNB’s performance.

Based on the present buying trend, the Binance coin’s price looks set to test the resistance level of the pennant chart formation. If this resistance is breached, it would indicate the continuation of the existing uptrend, potentially reaching a goal of around $775.

If the opposing force in the larger market persists, the BNB price may retreat from its upward trendline. This potential reversal could extend the current period of price consolidation for several days to weeks.

This, the BNB price recovery to $650 by month end depends on triangle breakout this week.

Technical Indicator: 

    Exponential moving average. An analysis of the daily chart shows the 50 EMA slope has acted as a dynamic support for BNB during market correction in the past four months.
    Directional Movement Index: A bullish crossover between the DI+(Blue) and DI-(orange) hints at a positive sentiment in returning to this asset.

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2024-04-25 18:31