The following article on BNB Price Prediction is solely based on technical analysis. The important metrics that we took into account when developing our BNB price prediction and analysis are listed below. Binance Coin (BNB) is one of the most well-known digital assets in the cryptocurrency industry. BNB has been performing well in terms of market growth rate and market capitalization during the last several months.
Binance has also announced the 13th quarterly BNB burn. The platform burnt a total of 2, 2253,888 BNB coins, totaling $68 million in value. This event was held to keep token circulation healthy and to decrease the rate of probable inflation.
Before diving into the BNB Price Prediction, let us first understand what Binance Coin is.
What is Binance (BNB)?
Binance Coin is a cryptocurrency that was created by the Binance exchange and is traded under the symbol BNB. The Binance Exchange is the world’s largest cryptocurrency exchange as of June 2021, with over 1.4 million transactions per second.
The Binance currency was originally based on the Ethereum blockchain and followed the ERC 20 standard, but it has subsequently become the Binance chain‘s native token. It was launched in July 2017 as part of an initial coin offering (ICO) with a cap of 200 million BNB tokens.
Through the ICO process, it provided 10%, or 20 million BNB tokens, to angel investors, 40%, or 80 million, to the founding team, and the remaining 50%, or 100 million, to the various participants.
Almost half of the money received during the ICO was meant for Binance branding and marketing, with the remaining one-third going toward building the Binance platform and making essential updates to the Binance ecosystem.
Although the first ICO provided 100 million Binance tokens, the actual total supply is smaller. Every quarter, Binance spends one-fifth of its revenues to repurchase and permanently destroy Binance tokens stored in its treasury, a process known as “burning.”
These burning activities have been held by Binance regularly. The most recent BNB burn took place on April 15, 2021, when Binance burned a total of 1,099,888 BNB, which is equal to USD 595,314,380 in tokens. It’s Binance’s 15th quarterly BNB burn, and the company’s largest in terms of cash. BNB supply has fallen from 170,532,825 to 169,432,937 units.
Current Market Situation for Binance Coin (BNB)
BNB is now trading at $549.56 with a 24-hour trading volume of $2,290,101,578 at the time of writing this Binance technical analysis. The price of BNB had increased by 0.51 percent in the previous 24 hours.
In addition, BNB now has a circulating supply of 117,019,511.69 BNB. Binance, FTX, Huobi Global, Mandala Exchange, and CoinTiger are now the main crypto trading platforms for BNB. Let’s move on to the next section of this BNB technical forecast for 2021.
Price Analysis for Binance Coin (BNB)
The Ascending Channel Trend pattern may be seen on a daily time frame. A price action that moves in an upward manner across a sloping parallel line is known as an ascending channel. The chart also illustrates the price pattern’s higher highs and higher lows. Furthermore, this pattern suggests a short-term bullish trend.
As can be seen from the chart, BNB shifted from a bearish to a bullish trend at the start of this month. One factor to examine is the significant number of transactions that happened during that time period. Furthermore, BNB’s Relative Strength Index is currently at 67.59, indicating that it is virtually overbought. As a result, there’s a chance that prices will reverse at any point.
Binance is one of the year’s most promising cryptocurrencies. BNB’s price has witnessed several positive swings that are greater than the previous one since the beginning of 2021. Consolidations, fluctuations, and corrections occur almost immediately after these events.
BNB Price Prediction 2022
Binance will hit $800 by the end of 2022 if the positive trend continues. Furthermore, the first half of 2022 will see a rapid rise, reaching $950. After that, the climb will slow down, but no significant drops are forecast. With impending collaborations and innovations, reaching $800 is a bit of a stretch in terms of pricing, but it’s certainly doable in the near future.
BNB Price Prediction 2023
Buyers will have adequate time and stability to create the next assault mission at the crucial level of around $1,800 if BNB retains the support level around the 200-MA, the long-term moving average of 200 days, firmly in place.
BNB Price Prediction 2025
BNB’s price might rise to $4,000 in the next three years. However, BNB may not have a tough time hitting this level if additional medium, short-term, and long-term price goals for purchase or sell orders can be established. As a result, according to the forecast, BNB has a good chance of attaining a new ATH in the next five years.
BNB Price Prediction 2031
According to BNB price prediction and technical analysis, the BNB price is predicted to cross an average price level of $12,464.02 in 2031, with a minimum price value of $11,745.97 expected before the end of the current year. Furthermore, BNB has a maximum price of $13,862.56.
In 2022, Binance has a bright future ahead of it. With the current advances in the BNB ecosystem and the general crypto market, BNB might reach new heights. In addition, the optimistic BNB price forecast for 2022 is $800. As previously said, if investors feel that BNB, along with major cryptocurrencies such as Bitcoin, is a solid investment in 2022, it may even achieve a new ATH. Furthermore, it could hit $900 in the second half of this year.