Surviving FUD: BNB Eyes Upswing
After enduring Fear, Uncertainty, and Doubt (FUD) for an extended period, Binance Coin (BNB) seems poised for an upward trajectory.
Volume Surge Signals $500 Climb
BNB’s trading volume has surpassed $2 billion, hinting at a potential climb towards the $500 mark.
Market Sentiment Key to Reaching Previous ATH
The rise to BNB’s previous All-Time High (ATH) largely hinges on demand and market sentiment.
Landmark Price Movement on February 27th
On February 27th, Binance Coin (BNB) reached $400 for the first time since May 2022, reflecting the coin’s positive response to the broader bullish sentiment in the market.
However, AMBCrypto views this price increase as potentially just the beginning of BNB’s journey in 2024.
Overcoming FUD Challenges
One major factor contributing to this sentiment is the Fear, Uncertainty, and Doubt (FUD) that BNB faced in the past year due to legal issues surrounding Binance, the exchange behind BNB’s development.
In the crypto world, FUD can negatively impact a cryptocurrency’s price, but BNB has defied expectations, demonstrating a remarkable 73.87% gain in the last 90 days.
BNB’s ability to weather its predicament suggests strength and resilience in the face of challenges.
Potential for Price Rise
With BNB surpassing $400 and Binance settling a $4.3 billion fine, the coin may now gain stability without unnecessary interference. This sets the stage for potential price action approaching its previous All-Time High (ATH).
It’s crucial to acknowledge that such predictions may involve retracements or consolidation at different times, considering BNB’s ATH was $686.31 three years ago, and it currently sits 68.36% below that peak.
Increasing On-Chain Volume
Notably, Binance Coin’s on-chain volume has seen a significant increase, rising from $1 billion on February 25th to $2.12 billion at present. This surge in volume suggests active trading, potentially propelling BNB towards the $500 mark in the coming weeks.
Indicators Pointing Higher
Examining the daily chart, bullish trends are evident with the breach of resistance at $329.60 and the 50 EMA (blue) crossing over the 200 EMA (yellow), indicating a long-term bullish trend.
The Aroon indicator further supports the bullish outlook, with Aroon Up (orange) at 92.68% and Aroon Down (blue) dropping.
Additionally, the Chaikin Money Flow (CMF) stands at 0.28, aligning with the price movement and suggesting an uptrend.
Potential Future Scenarios
For now, BNB’s price appears poised for further ascent over the next few weeks. Depending on market sentiment in the next quarter, the coin has the potential to approach the $700 mark.
If the current bullish momentum slows down, surpassing its ATH may become challenging, and the next opportunity for such a feat could be pushed to 2025.
BSCN is aiming to become the leading media coverage platform around the Binance Smart Chain Ecosystem. With a strong focus towards Content Quality, Decentralized platforms, Hot topics in the market, Informative and education sources and guidance in how to be more aware around unreliable crypto projects.
