- BNB has risen by more than 6% in the past 24 hours.
- Market indicators showed that $550 was the next target.
Binance coin [BNB] showed the best performance among the top five cryptos in the last 24 hours. As a result, the price of the coin exceeded $520.
This led to excitement among investors as expectations increased. As we enter this new week, should we expect BNB to reach $700 soon?
BNB pumps
According to CoinMarketCap factsBNB was the only crypto in the top five that managed to achieve a price gain. The value of the coin has risen by 6% in the past day.
At the time of writing, BNB was trading at $520 with a market cap of over $77 billion, making it the fourth largest cryptocurrency.
In a bullish development, the price increase was accompanied by an increase in trading volume of more than 100%, indicating that investors were actively trading the coin.
Thanks to this sudden price increase, BNB’s social dominance skyrocketed, while positive sentiment also rose. This indicated that investors expected more from BNB in the coming days.
Source: Santiment
Network activity is also increasing
Price activity wasn’t the only thing working in BNB’s favor. AMBCrypto recently had reported that daily transaction fees on the BNB chain hit a new year-to-date (YTD) high on March 9.
Total fees on BNB that day reached a single-day high of $1.2 million.
However, it was surprising to note that while the aforementioned numbers increased, the blockchain’s active addresses decreased.
To be precise, the number of unique active addresses on BNB reached 144,000, a decrease of 77% compared to the addresses registered on the first day of the year.
AMBCrypto then looked at how the blockchain fared in the DeFi space. Our analysis of Artemis data showed that BNB Chain’s performance in DeFi was also at the same level.
The blockchain’s TVL has risen sharply over the past 30 days. At the time of writing, BNB Chain’s TVL was $5.5 billion.
Source: Artemis
Does this mean a further price increase?
Since all these statistics and figures looked promising, they could positively impact the price of the coin in the coming days. That’s why AMBCrypto looked at Santiment’s data.
Our analysis showed that BNB’s Binance Funding Rate turned green again after falling on March 10.
This meant that derivatives investors started buying the coin again at the higher price at the time of writing. The Open Interest also registered an increase in recent days.
Whenever the measure rises, it indicates the chances that the current price trend will continue in the future.
Source: Santiment
To see what to expect, AMBCrypto then looked at the coin’s liquidation heatmap. We have found that a significant portion of BNB will be liquidated around the $539 mark.
Wherever liquidation increases during a price rise, this acts as resistance, increasing the likelihood of a price correction. In fact, the currency has failed to rise above that level over the past week.
Source: Hyblock Capital
To further investigate whether BNB will maintain its uptrend, AMBCrypto checked its daily chart. We found that the first possible and achievable target investors can expect from BNB is $550.
If that happens, the next obvious target would be $600.
If the coin’s price crosses $550, its value could remain in a consolidation zone between $550 and $600 before rising above $700.
Read Binance Coins [BNB] Price prediction 2024-25
The coin’s MACD showed a clear bullish edge in the market at the time of writing, while the Chaikin Money Flow (CMF) also rose.
These indicators suggested that the possibility of BNB breaching $550 this week is high. Conversely, BB could also face resistance at USD 550, which could trigger a slight price correction soon.
Source: TradingView