BNB On The Rise: Analysts Predict Easy Path To New ATH As It Nears $600
Binance Coin (BNB) has been on a bullish run despite the regulatory scrutiny that Binance has faced over the last several months. The token registered an impressive 13.7% price surge after almost reaching $600, and analysts predict that a new all-time high (ATH) might be coming in the next couple of months.
Is The Cost Clear For A New ATH?
As the crypto market rallies, Bitcoin continues to hit ATH after ATH, and altcoins prices keep regaining the levels of the previous bullish run. BNB has not been the exception; it surged over 13.7% in the last 24 hours and is near a crucial support level that could propel the token even higher during this cycle.
The price increase could be attributed to market dynamics and BTCs performance. However, the recent announcement of ether.fi (ETHFI)s introduction to the Binance Launchpool also seems to fuel the price since it will allow users to farm ETHFI by staking their BNB.
$BNB: This one goes to ATH easily and this was kind of obvious IMO. Expecting some sort of small pullback before all time highs but I think it breaks it soundly in the next few months pic.twitter.com/Ipt66lWKOH
Altcoin Sherpa (@AltcoinSherpa) March 13, 2024
Crypto analyst Altcoin Sherpa shared his forecast for the token as the price was nearing $600. The analyst considers that, given the current BNBs performances, the path to the previous ATH level is clear: This one goes to ATH easily, and this was kind of obvious IMO.
In the post, the analyst shared a chart that displays BNBs performance since its ATH of $686.3, which is currently only 13.51% away. The token has registered mostly green candles every week since 2024 and only weekly green candles since February.
In the past month, BNBs price went from oscillating between the $300-$320 price range to hovering between $520-$590, representing an increase of over 80%.
Despite the sunny forecast, Altcoin Sherpa doesnt rule out cloudy days. The analyst expects pullbacks along the way but foresees BNB breaking the ATH soundly in the next couple of months.
Similarly, pseudonym crypto trader and analyst Captain Faibik highlighted that the token has gained over 120% since his ATH timeline prediction at the end of 2023. In late December, the trader forecasted that BNB would reach a new ATH in the first half of 2024, and the current performance seemingly reaffirms this stance.
BNB Price Performance
Despite the recent legal scrutiny faced by Binance, BNB has been able to sustain its recovery path. According to the crypto hedge fund Split Capital, the token has added more than $50 billion in market capitalization since the exchange settled with the Department of Justice (DOJ) for $4 billion in November.
BNBs market cap of $91.22 billion represents a 10% increase in the last 24 hours. By this metric, the token is the fourth largest cryptocurrency in the market. Similarly, its trading volume significantly increased by 50% on the last day.
Earlier today, the price reached $599.8, just cents away from hitting the $600 price range, according to CoinMarketCap data. At the time of writing, BNB has been trading at $595.6, a price surge of 38.6% in the last seven days.
BNB is trading at $595.6 in the 4-hour chart. Source: BNBUSDT on TradingView.com
Featured image from Unsplash.com, Chart from TradingView.com
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Source: NewsBTC.com
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