In this Binance Coin (BNB) price prediction 2024, 2025-2030, we will analyze the price patterns of BNB by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency.
Binance Coin (BNB) Current Market Status
What is Binance Coin (BNB)
Binance Coin (BNB) was launched in 2017 as the utility token for Binance, one of the largest crypto exchanges. Initially, Binance Coin (BNB) was only used as transaction fees and trading fees on the exchange. Binance nearly holds the largest crypto trading volume of $7.6 billion at the beginning of Q2 2023.
Later in September 2020, Binance Smart Chain (BSC), an EVM-compatible Proof-of-Stake authority (PoSA) blockchain, went live. The exchange token migrated onto the BSC and its functionalities expanded.
Binance Coin 24H Technicals
(Source: TradingView)
Binance Coin (BNB) Price Prediction 2024
Binance Coin (BNB) ranks 4th on CoinMarketCap in terms of its market capitalization. The overview of the Binance Coin price prediction for 2024 is explained below with a daily time frame.
BNB/USDT Horizontal Channel Pattern (Source: TradingView)
In the above chart, Binance Coin (BNB) laid out the Horizontal Channel also known as the sideways trend. In general, the horizontal channel is formed during the price consolidation. In this pattern, the upper trendline, the line which connects the highs, and the lower trendline, line which connects the lows, run horizontally parallel and the price action is contained within it.
A horizontal channel is often regarded as one of the suitable patterns for timing the market as the buying and selling points are in consolidation.
At the time of analysis, the price of Binance Coin (BNB) was recorded at $595.79. If the pattern trend continues, then the price of BNB might reach the resistance level of $633.8 and $797.9. If the trend reverses, then the price of BNB may fall to the support of $566.5 and $507.
Binance Coin (BNB) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of Binance Coin (BNB) in 2024.
BNB/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as resistance and support levels of Binance Coin (BNB) for 2024.
BNB Resistance & Support Levels
Binance Coin (BNB) Price Prediction 2024 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Binance Coin (BNB) are shown in the chart below.
BNB/USDT RVOL, MA, RSI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the current Binance Coin (BNB) market in 2024.
Binance Coin (BNB) Price Prediction 2024 — ADX, RVI
In the below chart, we analyze the strength and volatility of Binance Coin (BNB) using the following technical analysis indicators — Average Directional Index (ADX) and Relative Volatility Index (RVI).
BNB/USDT ADX, RVI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the price momentum of Binance Coin (BNB).
Comparison of BNB with BTC, ETH
Let us now compare the price movements of Binance Coin (BNB) with that of Bitcoin (BTC), and Ethereum (ETH).
BTC Vs ETH Vs BNB Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of BNB is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of BNB also increases or decreases respectively.
Binance Coin (BNB) Price Prediction 2024, 2025 – 2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Binance Coin (BNB) between 2024, 2025, 2026, 2027, 2028, 2029 and 2030.
Conclusion
If Binance Coin (BNB) establishes itself as a good investment in 2024, this year would be favorable to the cryptocurrency. In conclusion, the bullish Binance Coin (BNB) price prediction for 2024 is $898.4. Comparatively, if unfavorable sentiment is triggered, the bearish Binance Coin (BNB) price prediction for 2024 is $349.1.
If the market momentum and investors’ sentiment positively elevates, then Binance Coin (BNB) might hit $1000. Furthermore, with future upgrades and advancements in the Binance Coin ecosystem, BNB might surpass its current all-time high (ATH) of $690.93 and mark its new ATH.
This content was originally published by our partners at The News Crypto.
