From a price of just $40 to as high as $330, Binance Coin (BNB) has stunned the market with its growth. After growth of around 560%, Binance Coin’s market turned bearish as corrections took control. The reversal has been worse than expectations, so is it still possible for Binance Coin to hit $500 in the coming days?
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Technical Analysis
The market sentiment for Binance Coin continues to be bullish even as the bears pick up. A majority of the technical indicators are giving out a signal of buy. Oscillators are mainly bearish while overweighing the oscillators are the majorly bullish Moving Averages.
A trader’s analysis reveals that the market corrections are going to be even more brutal. The cryptocurrency is expected to drop lower before picking up the bullish momentum again. Per the Binance Coin analysis, the cryptocurrency will enter a buy zone in the price range of $230. If Binance Coin starts to show bullish indicators in the buy zone then the target price of $276 will be unlocked. In the case it does not, Binance Coin will enter a danger zone if it drops lower than $222.
Price predictions
Per the projections of Trading Beasts, Binance Coin can reach an average price of $430 by 2025. The best-case scenario by 2025 can be over $500 for the cryptocurrency. Wallet Investor is more bullish on the coin and places it at a price level of around $600 in five years’ time. Digital Coin Price has the most optimistic price prediction for Binance Coin. Per the analysts, Binance Coin would have crossed $500 by 2024 with a price level of $628. Digital Coin Price also forecasts a steady upward trend in the upcoming years for Binance Coin.
Is crossing $500 possible for Binance Coin?
Binance Coin is used for trading as well as to pay fees on the leading exchange of the same name. hence, the value of the coin is closely linked with the exchange. Binance is a top exchange that has stayed its best to stay above the game. The exchange has always been quick to integrate new cryptocurrencies to its platform and enter into strategic partnerships. As decentralized exchanges entered the market, Binance created a decentralized exchange to ensure other DEXs are not able to take away its share.
The exchange continues to thrive and it will take the price of Binance Coin upwards with itself. Per the future projections for the coin and the performance of the exchange, it wouldn’t be too optimistic to say that Binance Coin can possibly cross $500 in the near future.