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Recently, the cryptocurrency associated with the Binance platform, BNB, experienced a significant surge in its price. This surge has ignited speculation among investors and enthusiasts about whether BNB will continue its upward trajectory.
Some optimistic market analysts believe BNB could reach $1,000 by 2024. Given that the cryptocurrency markets are highly volatile and unpredictable, will BNB reach the predicted price?
Find more details below.
Recent BNB Price Action
Since after October 12, when the BNB price tested at $203, it has been on an uptrend. According to the chart, the sellers tried to pull down the price on October 27, but the bull stopped it. This resulted in a support of around $220 region.
As November emerged, the coin resumed the bullish momentum, driving the price to a peak of $240. The price increase is likely attributed to the positive sentiment within the broader cryptocurrency market.
Data from CoinGecko shows that the coin has gained over 20% in the last 30 days.
Also, BNB has increased by 8% and 11% in the past seven and fourteen days, respectively. Interestingly, even in the past 24 hours, BNB is still showing a positive outlook, up by almost 2%. As of the time of writing (7:22 a.m. EST), BNB is trading at $249.
This implies that the buyers are not quitting anything soon, instead pushing the trading volume to over $665 million.
BNB Price Analysis: Bullish Signal in Technical Indicators
The current technical indicators for the BNB coin suggest a potentially bullish outlook. BNBUSDT is trading above the Simple Moving Average (SMA) indicators, indicating that its price movements are on an upward trend.
Additionally, the Relative Strength Index (RSI) at 70 is in overbought territory, which could imply strong buying pressure. Moreover, the Moving Average Convergence Divergence (MACD) is above the signal line, and the histogram bars are green, indicating positive momentum.
This suggests that the coin’s price may have further room for growth. However, it’s important to exercise caution. While these indicators are favorable, they do not guarantee future performance. This is because the cryptocurrency market is not stable.
There’s a notable resistance level at $260, which could pose a challenge for further upward movement. If the current momentum holds, there’s a possibility that the price may break through this zone.
Also, the current market sentiment, fueled by Bitcoin ETF and FTX buzz, maybe a potential catalyst that could drive the price up.
However, traders and investors should keep a close eye on how the price behaves around this resistance level and be prepared for potential fluctuations. It’s advisable to employ risk management strategies and stay updated with market news to make informed decisions.
Factors That Could BNB Coin Price to the Moon
The general crypto market is up, with BTC hitting $37,000 today, which every investor wants to see. The potential catalyst for this pump is the recent statement from the popular SEC’s chairman, Gary Gensler.
On November 8, the U.S. chairman iterated that “If Tom or anybody else wanted to be in this field, I would say, ‘Do it within the law.” Notably, the SEC’s chairman made this speech in an interview at DC Fintech Week.
Gensler added,
Build the trust of investors in what you’re doing and ensure that you’re doing the proper disclosures — and also that you’re not commingling all these functions, trading against your customers or using their crypto assets for your own purposes.
This statement came after a one-time president of the New York Stock Exchange said he wanted to buy the bankrupt cryptocurrency exchange, FTX. For context, this cryptocurrency exchange is owned by Sam Bankman-Fried, who is now convicted.
Impressively, this positive speech resulted in a massive surge in the price of FTX’s native token, FTT. According to a reliable source, the token increased by over 100% in less than 24 hours.
Also, this buzz affected the general crypto market positively, with coins like BTC, ETH, and BNB gaining in value.
Considering this factor, Bitcoin EFT and halving, BNB coin’s price may reach $260 or even higher faster than expected. Further, this statement from Gensler shows that the SEC is accepting cryptocurrency.
This will likely attract more investors and businesses into the ecosystem.
Binance, the world’s number 1 trading exchange, will have more people using its platform. Amid this growth in the cryptocurrency market, upcoming projects are also making headlines. One such project is the Bitcoin Minetrix.
BNB Coin Alternative: Bitcoin Minetrix
Bitcoin Minetrix is the potential alternative for an investor who wants to diversify their portfolio in the low-cap gems. The presale has achieved remarkable growth, garnering over $3.7 million.
This is closer to its primary target of $4.4. Based on how the presale is going, the project might achieve this feat in the coming days. Investors are rushing this token mainly due to its use cases and plans for the crypto market.
Bitcoin Minetrix Innovative Cloud Mining Spark Interest in the Market
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Like other crypto projects, Bitcoin Minetrix is also solving a problem for its community. According to the project, they plan to make the mining sector easy to access and low-cost.
This could make the coin the most important Bitcoin-centric in the cryptocurrency market.
Initially, mining most crypto tokens required high costs and sophisticated companies. This means that investors usually spend more before they can mine tokens. However, Bitcoin Minetrix has solved this problem for them.
This will attract more investors and users to the platform. Also, when more individuals and entities utilize the platform, the demand will increase, and possibly, the price will follow. Currently, during the presale, the native token is selling at $0.115.
This low rate cannot afford a cup of coffee, making it easier for anyone to purchase. With that in mind, potential investors can buy the coin using either BNB, ETH or a credit card.
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