How High BNB Price Can Go In May?

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As an experienced analyst, I’ve closely observed the cryptocurrency market and its intricacies for years. The recent surge in BNB price, despite legal issues with Binance in the USA and Nigeria, is a testament to the token’s resilience and the market’s insatiable appetite for high-performing altcoins.

As a crypto investor, I’ve noticed an impressive rebound from BNB over the past few days. Yesterday, the token reached a peak of $630 after dipping as low as $570 on the 20th. Despite minor setbacks, the current price hovers around $619. The sudden price surge occurred despite ongoing legal issues involving Binance, the exchange that hosts BNB, in both the USA and Nigeria. Remarkably, this price breakout underscores the robust demand for this cryptocurrency.

How High BNB Price Can Go In May?

In this post, we’ll delve into the causes driving up the Binance Coin (BNB) price and explore its potential peak by the end of the month.

Why BNB Price Is Rising?

BNB is among the top five cryptocurrencies for its high market cap and is the native token of Binance exchange, the biggest centralized exchange. With the already preferred altcoin, the greedy sentiments of the crypto market have helped boost the BNB price. However, two more prominent factors are after this surge, including the Binance network development updates and the Ethereum ETF hype in the market.

Introduction of WOTD Game

Binance’s educational program, Word of the Day (WOTD), is creating a buzz in the cryptocurrency sector. Through this interactive game, users can expand their crypto lexicon and stay informed about market trends. The game runs until May 26th, with a prize pool of 500,000 Binance Points up for grabs. These points can be exchanged for various crypto rewards. Following the latest announcement, the BNB token price has experienced a surge, and the continuation of the game is further fueling demand for BNB tokens.

Ethereum ETF Results Hyping The Market

After enduring rejection from regulatory bodies for several months, Ethereum Spot ETF enthusiasts may be in for good news according to Bloomberg analysts. In a recent post on Reddit, Bloomberg ETF analyst James Seyffart expressed optimism, estimating a 75% likelihood of approval based on the Securities and Exchange Commission’s (SEC) latest indications.

Revised: JSeyff and I have raised our estimation of Ether ETF approval likelihood to 75% (previously at 25%), based on recent rumors suggesting a possible change in the SEC’s stance on this contentious matter. Consequently, there’s a flurry of activity as everyone rushes to adapt to this new information.

— Eric Balchunas (@EricBalchunas) May 20, 2024

As a crypto investor, I’ve noticed an intriguing development: shortly after making this prediction, the Ethereum price started climbing steadily, and it hasn’t stopped yet. This upward trend has influenced other cryptocurrencies as well, such as Binance Coin (BNB).

How High BNB Price Will Rise?

Anticipating Ethereum ETF approval this Thursday, investors are also hopeful of a price increase for BNB. However, the potential for rejection could cause BNB’s price to plummet from its current peak to around $550. Consequently, traders have taken on $60 million in long positions using derivatives at the $548.6 mark.

Currently, the market sees intense activity from both bulls and bears. Bulls are aggressively driving up purchases towards resistance levels, while bears are intensifying their selling efforts to locate support. The BNB price graphs display an asymmetrical triangle pattern, featuring lower highs contrasted with higher lows. Consequently, the potential peak for BNB could be $650, but a correction might drag its value down to $600.

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2024-05-22 19:13