Binance Coin’s Surge on the Horizon: Key Indicators Point to Thrilling Weeks Ahead for BNB
Binance Coin (BNB) is under the spotlight as technical indicators suggest it could soon soar past $700. The Binance Coin ecosystem is gaining significant utility with intense BNB adoption.
Exciting Weeks Ahead for Binance Coin
Currently, BNB is ranked as the 4th largest cryptocurrency by market capitalization. Within the last seven days, BNB increased by 4.8% and now trades at $602. In the last 24 hours, the market cap increased by 0.90% to $88.8 billion, while trading volume increased by 5.9% to $1.4 billion.
Adding to the positive sentiments in BNB’s price is its increase in social dominance, according to data from Santiment. Notably, this metric hit 1.012%, indicating that the cryptocurrency was among the most discussed out of the top 100. Considering historical precedence, a rise in social dominance could show increased demand for the coin.
For instance, BNB’s price rose from a low of $511 to $632 the last time the metric hit 1.641%. This suggests BNB could see its price climb to $738 within the next 35 days if it follows a similar pattern. The cryptocurrency may reach a new high before the end of the second quarter given the momentum that BNB has displayed.
Positive Derivatives Market Outlook
The derivatives market is also showing a positive outlook for BNB’s price. This is demonstrated by the ratio of Long to Short positions in the market. Typically, investors’ expectations can be inferred from the Long/Short ratio. A reading below 1 indicates bearish sentiments, while a reading above 1 indicates bullishness for the cryptocurrency.
For BNB, this ratio stands at 1.1 at press time, according to Coinglass, suggesting that traders are bullish on the asset. It is unusual to see the indicator crossover 1, thus, the high value indicates that there is increasing optimism that BNB may exceed $700.
Critical Support Levels for BNB
BNB has seen an increase in long positions at $601, $616, and $630. All these areas can support the cryptocurrency from a trading perspective. This means the price of BNB could reach the $738 mark, as earlier mentioned, should buying pressure increase when BNB revisits these points.
However, traders should exercise caution due to the possibility of a sideways movement in the coin if purchasing pressure were to decline. Under extreme bearish circumstances, the price may drop below $565, the next fundamental support level.
Positive Ecosystem Developments
Recent positive developments in the ecosystem could contribute to the price increase of BNB. According to Crypto News Flash’s earlier announcement, BNB Chain launched its Trading Volume Incentive Program for traders and projects building on opBNB and BNB Smart Chain (BSC).
In a parallel development, leading Decentralized Exchange Jupiter teamed up with Clone Protocol to enable users to trade BNB. As more platforms seek to begin BNB integrations, the future appears bright for the coin.
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