Binance (BNB) On-chain Data Eyes To Hit $1000 This 2024?
Story Highlights
- The price of BNB currency surged by about 19% in 24 hours, setting a new ATH.
- Daily trading volume surged 125%, surpassing the $5 billion mark.
- Sustained bullish action could push the price towards the $1,000 mark.
BNB coin price has reached a new ATH of $793.35, up more than 20% intraday. Furthermore, the altcoin is currently trading at $769.88 as daily trading volume surged by approximately 150%.
With Binance Coin’s recent surge in price, will this crypto token dominate the altcoin market’s rally this month? Let’s understand the market sentiment and brief Binance (BNB) coin price analysis in this article.
Binance Price Hits All-Time High Today!
The BNB currency price surged by about 19% in 24 hours, with a trading volume of $5.777 billion. This resulted in the altcoin hitting a new ATH for the second time this year. Furthermore, it highlights the strong bullish sentiment in the cryptocurrency market.
Furthermore, the SMA indicator continues to support the BNB price chart on the one-dimensional time frame. This highlights the increasing buying and oversold pressure on the BNB token in the cryptocurrency market.
The green histogram of the Moving Average Convergence Divergence (MACD) is rising sharply and its average is showing a similar price trend, suggesting that the 06th largest cryptocurrency coin may continue to increase in value in the coming period.
Will Binance price reach $1,000?
If the cryptocurrency market continues its momentum, Binance price may reach $800. Sustaining the price above this level could lead to a retest of the $100 all-time high (ATH) in the future.
Conversely, if a bearish reversal occurs, BNB coin price may retest the $720 support. Furthermore, as bearish sentiment intensifies, this altcoin may sink towards the lower support at $635.
Worried about the long-term price sentiment of the BNB token? Read CoinPedia’s Binance Coin Price Prediction. Also, subscribe to us to stay up to date with the latest cryptocurrency news!
FAQ
As of this writing, one BNB token is worth $769.88.
For this altcoin to achieve this price target, valuation would need to surge by 29.89%.
