Can BNB retest its all-time high in 2024?
  • BNB trading volume has exceeded $2 billion, indicating a potential rally towards $500.
  • Rise to previous ATH mainly depends on demand and market sentiment

Binance coin price on February 27th [BNB] It reached $400 for the first time since May 2022. This landmark explains how this coin has enjoyed widespread bullish sentiment across the market.

However, AMBCrypto considered the price increase to be the least of what BNB could achieve in 2024.

But why is there this feeling? One reason for this was the fear, uncertainty and doubt (FUD) that BNB has endured over the last year up to the time of writing. We have reported several times how Binance, the exchange behind the BNB development, faced legal issues in the US.

In cryptocurrencies, FUD refers to negative opinions and news related to cryptocurrencies. Most of the time, when an asset experiences his FUD, the price increases.

However, the case seems to be different for BNB, as the coin has seen an impressive rise of 73.87% in the past 90 days. Such performance proved the strength of BNB.

BNB ignores its own plight

A few weeks ago, AMBCrypto explained that the coin price could rise to $400. With that accomplished and Binance paying a $4.3 billion fine, BNB may be able to restore balance without unnecessary interference. If so, the price trend could move closer to the previous all-time high (ATH).

Furthermore, it is important to note that this potential prediction would not materialize without retracements or consolidations at various points. 3 years ago, BNB’s ATH was $686.31. At the time of writing, the coin was down 68.36% from its ATH.

However, without significant demand, BNB price may not reach ATH. According to Santiment’s on-chain data, the volume was increasing.

February 25th, Binance Coin on-chain Volume It was about $1 billion. However, as of this writing, that metric has increased to his $2.12 billion.

BNB price and volume increase

Source: Santiment

The increase in volume suggests that traders were actively buying and selling the coin. If volume continues to increase along with price appreciation, BNB could head towards $500 within the next few weeks.

“Higher, higher”, indicators reveal

In terms of price action, the daily chart showed that the bulls were able to break through the resistance at $329.60 thanks to the support at $300. Also, the 50 EMA (blue) is above his 200 EMA (yellow), indicating a long-term bullish trend.

If the EMA holds these positions over the coming months, BNB price could continue to rise. Furthermore, the Aroon indicator reinforced the bullish prediction presented by the EMA.

At the time of writing, Aroon Up (orange) was at 92.68%, while Aroon Down (blue) had declined. Additionally, AMBCrypto evaluated Chaikin Money Flow (CMF) and its measurement was 0.28. When combined with price movements, the indicator suggests an uptrend.

BNB price analysis shows upside potential in the short and long term

Source: TradingView


Is your portfolio green? Check out the BNB Profit Calculator


In the meantime, BNB price is likely to rise further in the coming weeks. Depending on market sentiment in the next quarter, this coin could approach $700.

However, if the current bullish momentum slows down, it will be difficult for BNB to move above the ATH, and the next opportunity could move to 2025.

Related Article

0 Comments

Leave a Comment