BNB rises 6% in 24 hours: Is $700 a possible goal?
- BNB was up by more than 6% in the last 24 hours.
- Market indicators revealed that $550 was the next target.
Binance Coin [BNB] showcased the best performance among the top five cryptos in the last 24 hours. As a result, the coin’s price exceeded $520.
This sparked excitement among investors as expectations went up. As we begin this new week, should we expect BNB to touch $700 anytime soon?
BNB is pumping
According to CoinMarketCap’s data, BNB was the only crypto in the top five list that managed to register a price gain. The coin’s value surged by 6% over the last day.
At the time of writing, BNB was trading at $520 with a market capitalization of over $77 billion, making it the fourth-largest crypto.
A bullish development was that the price rise was accompanied by a more than 100% rise in its trading volume, suggesting that investors were actively trading the coin.
Thanks to this sudden rise in price, BNB’s Social Dominance skyrocketed, while its positive sentiment rose as well. This hinted that investors were expecting more from BNB in coming days.
Source: Santiment
Network activity is also rising
Price activity was not the only thing working in BNB’s favor. AMBCrypto had recently reported that daily transaction fees on the BNB Chain hit a new year-to-date (YTD) high on the 9th of March.
The total fees on BNB reached a single-day high of $1.2 million on that day.
However, it was surprising to note that while the aforementioned numbers went up, the blockchain’s active addresses dropped.
To be precise, the number of unique active addresses on BNB was 144,000, a 77% decline from the addresses recorded on the first day of the year.
AMBCrypto then took a look at how the blockchain was doing in the DeFi space. Our analysis of Artemis’ data revealed that the BNB Chain’s performance in DeFi was also on par.
The blockchain’s TVL rose sharply over the last 30 days. At press time, BNB Chain’s TVL stood at $5.5 billion.
Source: Artemis
Does this mean a further price hike?
Since all these metrics and numbers looked highly promising, they might have a positive impact on the coin’s price in the coming days. Therefore, AMBCrypto took a look at Santiment’s data.
Our analysis revealed that after a drop on the 10th of March, BNB’s Binance Funding Rate turned green again.
This meant that derivatives investors once again started to buy the coin at its higher price at press time. Its Open Interest also registered an uptick in the last few days.
Whenever the metric rises, it indicates the chances of the current price trend continuing in the future.
Source: Santiment
To see what to expect, AMBCrypto then took a look at the coin’s liquidation heatmap. We found that a substantial amount of BNB will be liquidated near the $539 mark.
Wherever liquidation increases during a price uptick, it acts as resistance, which increases the chances of a price correction. In fact, the coin has failed to go above that level during the last week.
Source: Hyblock Capital
To investigate further whether BNB will maintain its uptrend, AMBCrypto checked its daily chart. We found that the first possible and viable target that investors should expect from BNB is $550.
If that happens, then the next obvious target would be $600.
If the coin’s price crosses $550, its value might remain in a consolidation zone between $550 and $600 before breaking above and reaching $700.
Read Binance Coin’s [BNB] Price Prediction 2024-25
The coin’s MACD displayed a clear bullish advantage in the market at press time, while its Chaikin Money Flow (CMF) rose as well.
These indicators suggested that the possibility of BNB crossing $550 in the week is high. Conversely, BB might also face resistance at $550, which might cause a slight price correction soon.
Source: TradingView
