Binance Coin (BNB) is on the rise despite the regulatory scrutiny Binance has faced in recent months. The token recorded an impressive 13.7% price increase after nearly reaching $600, and analysts predict that a new all-time high (ATH) could occur in the coming months.
Is the cost clear for a new ATH?
As the Crypto Market Soars, Bitcoin continued hitting ATH after ATH, and altcoin prices continue to recover levels from the previous bull run. BNB was no exception; is up more than 13.7% in the last 24 hours and is close to a crucial support level that could propel the token even higher during this cycle.
The price increase can be attributed to market dynamics and the performance of BTC. However, the recent announcement of the introduction of ether.fi (ETHFI) on Binance Launchpool also appears to fuel the price as it will allow users to farm ETHFI by staking their BNB.
$BNB: This one goes to ATH easily and that was kind of obvious, IMO. Expecting some kind of small pullback before all-time highs, but I think this will be broken in the coming months pic.twitter.com/Ipt66lWKOH
– Altcoin Sherpa (@AltcoinSherpa) March 13, 2024
Crypto analyst Altcoin Sherpa shared his prediction for the token as the price was close to $600. The analyst feels that given BNB’s current performances, the path to the previous ATH level is clear: “This one goes to ATH easily, and that was kind of obvious IMO.”
In the post, the analyst shared a chart showing BNB’s performance since its ATH of $686.3, which is currently just 13.51% away. The token has registered mostly green candles every week since 2024 and only green candles weekly since February.
Last month, the price of BNB went from hovering between the $300 to $320 price range to hovering between $520 and $590, representing an increase of over 80%.
Despite the sunny forecast, Altcoin Sherpa does not rule out cloudy days. The analyst expects pullbacks along the way, but predicts BNB to “solidly” break the ATH in the coming months.
Likewise, the pseudonym of crypto trader and analyst Captain Faibik highlighted that the token has gained over 120% since its predicted ATH timeline in late 2023. In late December, the trader predicted that BNB would reach a new ATH in the first half of 2024, and current performance seemingly reaffirms that position.
BNB Price Performance
Despite the recent legal scrutiny faced by Binance, BNB has managed to sustain its recovery path. According to crypto hedge fund Split Capital, the token has added more than $50 billion in market capitalization since the exchange settled with the Department of Justice (DOJ) for $4 billion in November.
BNB’s market capitalization of $91.22 billion represents a 10% increase in the last 24 hours. By this metric, the token is the fourth largest cryptocurrency on the market. Likewise, its trading volume has significantly increased by 50% in the last day.
Earlier today, the price reached $599.8, just a few cents away from reaching the $600 price range, according to data from CoinMarketCap. At the time of writing, BNB is trading at $595.6, a 38.6% price increase over the past seven days.
BNB is trading at $595.6 in the 4-hour chart. Source: BNBUSDT on TradingView.com
Featured image from Unsplash.com, chart from TradingView.com
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