BNB Coin Price: Will BNB Coin Recover In 2024?

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Binance Coin, identified by the ticker BNB, started as an ERC-20 token on the Ethereum network before transitioning to Binance Chain. Known for its periodic coin burns, BNB was initially created to reduce gas fees. Over time, it has grown beyond this purpose, finding applications in different online services. Despite experiencing a decrease in its value, the BNB token continues to evolve in its usage and functionalities. 

BNB coin saw substantial growth, hitting a record high of $690 on May 10. However, it underwent a subsequent correction, aligning with the broader decline in the cryptocurrency market.

Current Market Performance of BNB Coin Price

As of now, the current price of Binance Coin (BNB) stands at $291.34 USD, and over the past 24 hours, it has experienced a slight decrease of 0.42%. The 24-hour trading volume for BNB is $953,676,355 USD. BNB holds the 4th position on CoinMarketCap, reflecting a live market cap of $43,568,717,336 USD.

Market Activity for Binance Coin

The Fear and Greed Index at 72% demonstrates optimism,  indicating a sentiment of confidence with a touch of caution in the market. Various indicators contribute to this outlook – positive Price Score, very positive Volatility, Volume, and Impulse, neutral Technical analysis, positive Social indicators, and very positive Search and Order Book signals.

While positive community engagement and strong market activity are evident, the neutral technical stance suggests a balanced outlook. The negative Dominance indicator hints at potential external influences, emphasizing the need for careful consideration of broader market dynamics. With heightened interest, stable trends, and mixed signals from other indicators, the analysis suggests a market that demands vigilance and consideration of both internal and external factors for a comprehensive understanding of BNB Token’s current standing.

The History of BNB Coin Price

The historical data for BNB Coin Price reflects significant price volatility over the years. The all-time high, recorded on May 10, 2021, at $690.93, has experienced a notable decline of -57.51% since then. On the contrary, the all-time low, dating back to August 01, 2017, at $0.09611, showcases an extraordinary surge of +305332.45% over the six years.

Over the past two months, the historical data for BNB reveals various trends and fluctuations in its price. Opening at $227.69 on December 1, 2023, the BNB coin experienced highs and lows in the subsequent days. Notably, on December 27, 2023, the cryptocurrency reached a peak closing price of $323.68. However, this high was followed by a decline, with the closing price dropping to $228.55 on January 1, 2024.

Throughout this period, the market exhibited both upward and downward trends. For instance, on January 5, 2024, BNB saw an upward surge, closing at $317.45. Conversely, on January 1, 2024, there was a notable downturn with the closing price at $228.55.

The trading volume varied, peaking at $2.14 billion on December 4, 2023, indicating heightened market activity. Market capitalization ranged from $34.66 billion to $49.10 billion during this timeframe.

As of January 24, 2024, the closing price was $293.09, reflecting a recent uptick from the lowest point by approximately 28%.

BNB Price Prediction : Will BNB Coin price make a comeback in 2024

As per our latest analysis of Binance Coin, we anticipate a potential increase in its value. The current price stands at $291.35, and a likely ascent of around 10.2%, projecting it to reach $318.96 by January 30, 2024. 

Based on technical indicators, Binance Coin’s 200-day Simple Moving Average (SMA) is anticipated to experience an upward trend in the coming month, reaching approximately $273.89 by February 24, 2024. Additionally, the short-term 50-Day SMA is expected to reach around $369.28 by the same date.

The Relative Strength Index (RSI), a widely used momentum oscillator, helps identify whether a cryptocurrency is oversold (below 30) or overbought (above 70). Presently, the RSI value for Binance Coin is 44.94, indicating a neutral market position.

BNB is expected to fluctuate within a price range of $277.47 to $1,039.19 in 2024. If it reaches the upper limit of this target range, there is a potential increase of 253.12%, with Binance reaching $1,039.19.

The post BNB Coin Price: Will BNB Coin Recover In 2024? appeared first on CoinGape.

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