BNB Chain (BNB) Price Analysis & Prediction: Binance Coin (BNB) Will Rebound in the Coming Months

Binance Coin price went parabolic this week as the network received some good news and its ecosystem growth continued. The BNB coin rose to a high of $695 on Thursday morning.

Cryptocurrency prices have rebounded sharply this week following some positive news for the Binance network and its ecosystem.

BNB coin price rose to a high of $695 on Thursday morning, which is the highest level since January 29. Similarly, PancakeSwap (CAKE) token rose to a peak of $2.76, which is about 130% above the lowest level this month.

BNB price rebounded as the network experienced some positive catalysts. First, PancakeSwap, the largest player in the ecosystem, experienced a sharp increase in volume. According to DeFi Llama, the network handled over $20.6 billion in volume over the past seven days.

In contrast, Uniswap and Raydium handled $16.9 billion and $14.15 billion, respectively.

Second, the BNB Chain is likely to experience increased demand this week as Tapswap prepares to launch its airdrop. Tapswap is a major player in the Telegram tap-to-earn sector, allowing users to earn tokens by completing simple tasks.

However, unlike other Telegram mini-apps that chose the TON Blockchain, Tapswap opted for BNB due to its lower transaction costs, higher user base, and more advanced ecosystem.

BNB price also rose as the network developers ramped up their artificial intelligence efforts. The network launched an AI hackathon where developers will showcase their innovations and potentially gain access to funding.

In other news, the Securities and Exchange Commission (SEC) is reportedly seeking a 30-day pause on the ongoing case against Binance. The SEC filed the application in light of upcoming regulations that could render portions of the original case moot.

Finally, BNB price is also up due to its strong fundamentals, particularly the burning trajectory. The network regularly burns tokens worth over $1 billion each quarter, a move that makes the remaining tokens more valuable and increases its staking yield.

BNB price analysis:

The weekly chart shows that the Binance coin price has rebounded in recent days. This recovery follows a sharp decline that saw the coin crash to $500 last week. This price was a key level since it fell on the ascending trendline connecting the lowest swing points since October 2023.

BNB price has since formed a doji candlestick pattern, which is a well-known reversal signal and helps explain the rebound. A doji has a small body and long upper and lower shadows, indicating that the price opened and closed at about the same level.

Binance coin price is now forming the handle portion of a cup and handle pattern, which is a common continuation signal. As a result, the coin is likely to continue rallying in the coming months, potentially reaching levels above $1,000.