- BNB’s share of the market has risen by more than 6 percent in just 24 hours.
- The market indicated that the $550 mark was the highest point. next target.
Binance Coin [BNB] The best performing crypto in the previous 24 hours was. In turn, its price increased to over $520.
Investors were excited as their expectations increased. We are starting a new week. Should we anticipate BNB will reach $700 in the near future?
BNB Pumping Up
CoinMarketCap, a cryptocurrency exchange. dataBNB is the only cryptocurrency in the list of the five most valuable cryptos to have seen a rise in price. Over the past day, BNB’s price has risen by 6%.
BNB traded at $520, with a total market cap of $77 billion. This makes it the fourth largest cryptocurrency.
The fact that its price rose in tandem with a trading volume that increased by more than 100 percent was an indication that traders were active.
BNB’s Positive Sentiment and Social Dominance both increased as a result of this price rise. Investors were expecting BNB to deliver more in the coming days.
The network activity also increases.
BNB was also able to benefit from price activity. AMBCrypto has recently been updated. reported On the 9th March, the daily fees for the BNB Chain reached a record high year to date (YTD).
BNB’s total daily fees reached $1.2m on this day.
It was surprising that, while these numbers increased, the number of active blockchain addresses decreased.
The number of active unique addresses was recorded at 144,000. This is a decline of 77% from addresses registered on January 1.
AMBCrypto also looked into how blockchains performed in the DeFi market. Artemis data analysis revealed the BNB Chain was performing similarly in DeFi.
In the past 30 days, TVL has risen sharply. BNB Chain TVL at press time was $5.5billion.
This means a new price rise?
These metrics, which looked very promising, could potentially have a positive effect on the coin price over the next few days. AMBCrypto therefore took a closer look at Santiment’s statistics.
After a decline on March 10th, BNB’s Binance funding rate turned green once again.
The coin was once more purchased by derivatives investors at the higher price during press time. In the last couple of days, its open interest has also been on the rise.
Whenever this metric increases, it shows the likelihood that the price trend will continue in the near future.
AMBCrypto looked at the heatmap of coin liquidation to see what was expected. A significant amount of BNB is expected to be liquidated around the $539 level.
Liquidation that increases in response to a rise in price acts as a resistance and increases the likelihood of a correction. The coin failed to rise above this level in the past week.
AMBCrypto analyzed BNB’s daily chart in order to confirm whether BNB would continue on its uptrend. Investors should be expecting BNB to reach a first viable and possible target of $550.
Then, the next The obvious goal would be to spend $600.
When the price of a coin crosses $550 it may remain between $550-$600 for a while before bursting above to reach $700.
You can read more about it here Binance Coin’s [BNB] Price Prediction 2024-25
As of press time, the MACD for this coin showed an obvious bullish advantage on the market. Its Chaikin Cash Flow (CMF), too, rose.
The indicators suggest that BNB could cross $550 within the next week. BB could also be facing resistance at $550 which may cause a small price correction in the near future.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com