BNB Price Prediction as The Binance Token is 10% Away From A New

Simon Chandler

Last updated:

May 23, 2024 10:31 EDT

| 3 min read

The BNB price has dropped by 1.5% today, with its fall to $610.69 still leaving it only 10% away from its all-time high of $686.

It set this record high back in May 2021, yet with the market riding growing bullishness as a result of Ethereum ETF hopes, BNB could easily set a new high in the next few days.

The alt is up by 5% in a week and by 95% in a year, and with Binance remaining the biggest crypto-exchange in the market by volume, the coin is likely to attract demand for a while yet.

This could mean that, once ETH ETF approvals arrive today, BNB could launch another rally, while in the longer term rate cuts could propel it even higher towards the end of 2024.

BNB Price Prediction as The Binance Token is 10% Away From A New All-Time High – Time to Buy?.

While today’s drop may be disappointing for anyone who expected the gains of the past couple of days to continue, it nonetheless puts traders in a good position to buy BNB at a relative discount before it potentially rebounds today and during the weekend.

Signs that the market is overselling it comes from its relative strength index (purple), which fell below 50 earlier this morning, suggesting that BNB’s current price is too low.

At the same, BNB’s 30-day moving average (orange) has begun dropping towards the 200-day (blue), in a sign of apparent weakness.

However, given that it had only just crossed over the longer term average, it may resume rising again very soon, given that the coin appears to be in a medium-term growth phase.

Also encouraging is BNB’s 24-hour trading volume, which at $1 billion is basically double where it was a couple of days ago.

This signals strong interest in the token, which in turn suggests that its current dip will be slight, as traders rush in to buy the dip.

And as noted above, the market is waiting for the SEC’s decision regarding several spot-based Ethereum ETF applications.

The widespread expectation is that the SEC will approve the ETFs, which such firms as VanEck and ARK Investments/21Shares behind the filings.

If so, not only will ETH surge, but so too will major alts across the board, including BNB.

And as the biggest exchange in the space, Binance will benefit from increased demand for...

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