The market for the cryptocurrency created by Binance, BNB, is showing optimism for the continuity of its price.
Last week, The cryptocurrency reached a new all-time high price of $794 (USD). And, since then, it has remained trading in a higher range than it had until now, mainly above USD 700.
In this way, it is in a new price range, making it more difficult to predict what the next stops are if it continues to rise. “BNB just entered price discovery,” comment about it the trader known as Jelle.
With such performance, BNB’s market capitalization has at times surpassed that of solana (SUN). Worth $103.7 billion, this is the fifth-largest cryptocurrency by capitalization.
This occurs amid the rise in the price of bitcoin (BTC) to more than USD 100,000, which unleashed greater demand in the cryptocurrency market. Although, it should be noted that not all of them have shown great performance. In fact, XRP and ether (ETH), crypto assets with a larger capitalization than BNB, are trading below the peaks they saw years ago.
The increases that BNB experienced this year coincide with increases in its tradeas can be seen in the following graph. Currently, its trading volume for the last 24 hours is near a new all-time high, based on the 30-day moving average.
For the analyst known as maartunn, this “shows strong interest in Binance and the BNB coin.” “Volume often increases before or during price movements,” explains.
According to the specialist, “the growth in 2024 may be due to positive changes in Binance or better market conditions.”
Beyond the increased enthusiasm among cryptocurrency investors, There are factors directly related to BNB that favor its demand. Among them, the initiatives carried out by Binance to promote its adoption stand out.
One of the most recent measures is an airdrop that the exchange started today for users of BNB investment products. This is a distribution of MOVE tokens, as reported by CriptoNoticias.
In addition to this, advances in the cryptocurrency network, BNB Chain, can contribute to the strength of the market. Among the most recent is his integration last week to Nektar Network, a decentralized infrastructure marketplace.
USD 820 for BNB is possible, according to The Moon Show
In the midst of this context, various specialists have expressed bullish expectations for the Binance cryptocurrency. One of them is investor Carl Runefelt, best known for his social media account “The Moon Show” which has more than a million followers.
“BNB is currently above horizontal support and moving within this triangle,” distinguishes the popular investor using the following graph. “If it breaks upwards, the first target is USD 820,” he considers. Base this on the fact that This technical figure usually culminates with a rise.
An increase to such a figure would imply a 12% increase from current prices, a typical percentage increase in the cryptocurrency market. Therefore, as long as a positive outlook for its adoption continues, its arrival in such an area is possible.
