Overview
At the time of writing, the Bitcoin price stands at $68,720, and altcoins continue the day with gains. Some are positively diverging. Altcoins like CHZ are achieving double-digit gains, while BNB Coin’s price is notably rising among the largest altcoins. So, what are the predictions for Binance Coin (BNB)?
BNB Coin Commentary
After pausing its upward movement due to the recent BTC price correction, BNB Coin has now returned to the $600 threshold with its daily gain nearing 7%. The optimism of Fed members regarding interest rate cuts and the latest positive entries through ETF channels are fueling this sentiment. The macro data coming in isn’t bad either.
Recovering from the $550 support zone, the BNB Coin price has surpassed its target of $581 and is now approaching the $600 mark. The Sharpe Ratio, a measure of return volatility, has recently climbed to 4.0 for BNB, creating an attractive environment for new investors to move into BNB.
Another indicator pointing to a rise for BNB Coin is the RSI. Investor demand has returned to levels reflecting a resurgence in bullish sentiment. This suggests that the upward momentum is reviving and the price increase could accelerate.
BNB Coin Price Prediction
The main determining factor here will be Bitcoin‘s price closing above $69,000. If we see strong net inflows in the ETF channel and high-level closings in BTC before the upcoming US data, BNB Coin bulls may seize the opportunity to drive the price higher.
BNB is just above the $593 resistance area. The current trend is upward, and if the $594 price level is maintained, the $600 resistance could also be breached. In this case, the price is expected to test the $632-$635 region. Closures above this level will target the $645 and $700 thresholds.
However, $593 is an important resistance point on the 4-hour chart, and if the current gains cannot be sustained, we might see the price fall back to $549. Moreover, a pullback to the support level would shelve the bullish scenario.
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