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Cryptocurrency News Articles
Binance Coin (BNB) Price Prediction: Will the Bulls Reclaim the ATH of $793?
Jan 23, 2025 at 04:30 am
Binance Coin (BNB) formed an all-time high of $793 in early December. The subsequent attempts to reclaim this level and possibly break past $800 have been met with strong resistance at $722.
Binance Coin (BNB) price showed promising signs of breaking past the key resistance level on Monday. A sustained uptrend and rising DEX volumes could aid this breakout.
BNB formed an ascending triangle pattern on its daily chart, indicating bullish momentum. A breakout past $722 could lead to a surge to the 1.618 Fibonacci level ($823).
However, bearish trends shown by the Awesome Oscillator bars and potential downtrends if support at $681 is breached could hinder this bullish outlook.
At press time, BNB was trading at $697, up 2% in the last 24 hours and 11% over the past week. The sixth-largest cryptocurrency had a market capitalization of about $100 billion, according to CoinGecko.
BNB’s 24-hour trading volume had also increased by 3% to $1.62 billion. This surge in liquidity could aid a breakout from the ascending triangle pattern.
BNB’s promising recovery attempt
BNB price had seen a 24-hour gain of 2% to trade at $697 at press time. These gains mirrored a slight recovery across the broader market.
BNB formed an all-time high of $793 in early December. The subsequent attempts to reclaim this level and possibly break past $800 have been met with strong resistance at $722.
However, rising DeFi activity could aid this breakout in the near term.
DEX volumes soar to $17.74 billion
Data from DeFiLlama showed that the weekly DEX volumes on BNB Chain have surged to $17.74 billion, marking the highest level in three years.
The two protocols driving this growth are PancakeSwap and THENA, which have seen a 298% and 111% increase, respectively, in their weekly volumes.
This rise could bode well for BNB, which is the native token for the blockchain. As more people rely on the network for DEX transactions, it could drive up demand for BNB and support a price rally.
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