Despite the gains made in the past couple of months, BNB and the entire crypto market seem to be experiencing winter in the summer. BNB prices have dropped by 23.95% since April 2023.
What does the future hold for Binance Coin?
How much is BNB worth?
The current Binance coin price is $240.9 with a 24-hour trading volume of $306,384,277. BNB is down 0.59% in the last 24 hours. The current CoinMarketCap ranking is #5, with a live market cap of $37,073,765,501 USD. It has a circulating supply of 153,856,432 BNB coins and the max. supply is not available.
Binance Coin Price Analysis: BNB sheds 0.59 percent after another rejection
TL;DR Breakdown
Binance Coin price analysis shows a bearish trend.
Resistance for BNB is found at $245.
Support for BNB is present at the $237 level.
In the latest Binance Coin price analysis on July 24, 2023, the cryptocurrency is facing a bearish downturn. The coin has suffered a setback as it encountered another rejection, leading to a resurgence of bearish sentiment. The BNB/USD pair is currently trending downwards, aligning with the broader crypto market, resulting in a significant loss for BNB. The price has plummeted to $240.9 after following the recent downtrend. As the bears maintain their grip, the next crucial support level for BNB is anticipated to be at $237.
BNB price analysis on a daily timeframe: Bears maintain dominance at $240.9
The 1-day Binance Coin price analysis shows a price drop, driven by selling pressure. The bears have extended their dominance, and the cryptocurrency pair is currently trading at $240.9. BNB reflects a 0.59 percent loss in value over the last 24 hours and a slight decrease of 0.48 percent over the past week, suggesting that the coin has managed to maintain its price level with a minor bearish bias.
Volatility remains mild for the BNB/USD pair, indicated by the Bollinger Bands maintaining their positions. The upper band serves as resistance at $253.9, while the lower band acts as support at $231.3. The mean average line of the Bollinger Bands sits above the price level at $242.6.
The Relative Strength Index (RSI) is currently positioned in the lower half of the neutral zone, demonstrating a downward curve, indicating selling activity in the market. The RSI curve has reached index 46.
Binance Coin price analysis on the 4-hour chart: Recent developments and further technical indications
The 4-hour price chart for Binance Coin price analysis also displays bearish progress, with price levels continuing to decline after the initial downward breakout at the beginning of the trading session. While bears are gaining strength, the coin seems to have found some support, with the price action slowly turning upwards, hovering around $239.2.
Volatility remains steady on the 4-hour chart, with the Bollinger Bands showing the upper band at $245.1 and the lower band at $240.6. The price has approached the lower band, suggesting a strong bearish indication for future trends. The Relative Strength Index exhibits sideways movement with a downward curve, currently positioned at index 40, indicating the lower end of the neutral range.
What to expect from Binance Coin price analysis
Based on the Binance Coin price analysis, the bearish trend is prevailing with little sign of a significant bullish rebound today. Most of the technical indicators also favor the bearish scenario. While the bearish trend is not anticipated to intensify further, we expect the coin to close in the red today unless buying momentum triggers a trend reversal.
Binance Coin Price Predictions 2023-2032
Price Predictions by Cryptopolitan
The BNB coin faces a significant challenge due to a recent lawsuit filed by the SEC. A crucial aspect of the BNB coin’s appeal is its close association with the Binance exchange. However, if the Binance exchange becomes unable to operate within the United States, a substantial portion of liquidity will be withdrawn from the BNB ecosystem.
Given the current downtrend of the coin and the prevailing regulatory uncertainty, the prospects of Binance recovering its losses within this year seem improbable. The SEC’s lawsuit against Binance is expected to extend over a significant duration, potentially spanning months or even years. Consequently, the price of the coin will likely be primarily influenced by speculative sentiments surrounding the eventual outcome of the case.
However, if BNB navigates the stormy waters successfully, the coin’s fortunes could experience a turnaround. With this in mind, we present our BNB price predictions for the period spanning 2023 to 2032.
Binance Coin Price Prediction 2023
Per our Binance coin price prediction for 2023, we anticipate that BNB could experience a substantial surge and reach a peak price of $310.67. Our analysis also indicates that the average price of BNB would be $290.72. The projected minimum price for BNB by December 2023 could be $279.01.
Binance Coin Price Prediction 2024
According to our Binance Coin (BNB) price prediction for 2024, BNB will reach a maximum market price of $486.78. We expect an average trading price of $398.49 and a minimum price of $383.95.
Binance Coin Price Prediction 2025
The BNB price prediction for 2025 indicates that BNB will approach its all-time high, reaching a maximum price of $669.55. We estimate that the average market price of BNB in 2025 could be as high as $578.91. Even in a less favorable market scenario, we believe that the minimum price of BNB could still be
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