Thursday, July 11, 2024
Binance has been facing numerous challenges recently, from the Indian government’s ban on Binance to CEO CZ stepping down. But what does this mean for its cryptocurrency: BNB.

In this article, we will examine the price action and price prediction of BNB, its weekly performance, its future outlook, and the latest news affecting it.

BNB Price Prediction

BNB is currently trading at $317. The coin has seen a 20% increase in value over the past 5 days. Currently, BNB has a market cap of $48 billion, making it the 4th largest coin by market cap. BNB has a circulating supply of 151.69 million tokens and a max supply of 200 million tokens.

The major trend line resistance was broken and successfully retested, but the coin is currently facing strong resistance from the marked horizontal resistance zone.


Weekly Price Analysis

The weekly price chart of BNB shows a strong uptrend since the beginning of December 2023, breaking above several resistance levels and forming higher highs and higher lows. BNB started the week at around $220 USD and reached a weekly high of $330. The coin then experienced a slight correction and consolidated around $300 USD for a few days before closing the week at around $268 USD.

Future Outlook

The future outlook of BNB depends on several factors, including the performance and innovation of the Binance ecosystem, market sentiment and adoption of cryptocurrencies, regulatory and competitive environment, and technical analysis of BNB price. Based on these factors, we can expect the following scenarios for BNB price in the short to medium term:

Bullish scenario: If BNB continues its strong uptrend and breaks above the previous all-time high of $330 USD, it may enter a new price discovery mode and target the next psychological resistance levels of $350 USD, $400 USD, and $500 USD.

Bearish scenario: If BNB fails to sustain its uptrend and breaks below the current support level of $250 USD, it may enter a correction phase and target the next support levels of $220 USD, $200 USD, and $180 USD.

News Roundup

Here are some of the latest news headlines related to BNB and the Binance ecosystem:

Binance Former CEO CZ Ordered to Remain in the US Until Sentencing

India’s Financial Intelligence Unit Targets Offshore Cryptocurrency Providers

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