Binance Coin (BNB) has made history as the first major altcoin to reach a new all-time high this cycle. It soared to around $712 for BNB, marking a 10% increase in the last 24 hours and a 20% increase this month. What’s fueling this surge, and can we expect it to continue? We’ll share our BNB price prediction for 2024 and beyond.
While altcoins overall have been on the rise, BNB has truly shined. This is the first time its market value has surpassed $100 billion since the beginning of December 2021.
Bears dominated the previous week
On May 30, the price of BNB dropped to as low as $587. However, current technical indicators suggest a positive outlook for BNB’s price prediction. The coin’s open interest has risen alongside its price, and a further increase would indicate a high probability of the current price trend persisting.
BNB’s Fear and Greed index currently stands at a neutral 52. Bullish technical indicators and negative volatility, along with overall inactivity among whale holders, point to stability for the asset moving forward.
Transactions on the Binance Smart Chain are displaying a consistently increasing trend, climbing from around three million to four million per day. This steady growth reflects ongoing and expanding usage of the blockchain. Daily transactions have maintained strong user engagement throughout the year.
BNB price prediction and the Ichimoku cloud
The BNB price has found strong support at the daily Ichimoku cloud baseline. It has been above this line for over a month, according to analysts at FXStreet, so monitoring this technical indicator is important.
The BNB price has not reentered the cloud, indicating reduced selling pressure and robust price action. The red baseline is critical for BNB to shift from bullish to bearish. The BNB price falling below this baseline might lead to a significant correction.
Moreover, the BNB price prediction remains bullish for the Impulse pattern. The price is below the MA200, which indicates an uptrend. The wave oscillator also exhibits a bullish tendency. Coincodex predicts the price of BNB will range from $674.96 to $1,024.31 in 2025.
