Binance Coin Hits All-time High: BNB Price Prediction

BNB has become the first major altcoin to hit a new all-time high this cycle. It peaked at around $700 for 1 BNB, up 10% in the last 24 hours and 20% this month. What’s driving the surge, and will it last? We present our BNB price prediction for 2024 and beyond.

There has been a general rise in altcoins, but BNB is the star. This is the first time its market value has passed $100 billion since early December 2021.

The price movement coincides with the highly anticipated ALGT presale, which has attracted a lot of capital and attention from the cryptocurrency community.

Bears dominated the previous week

BNB’s price fell to as low as $587 on May 30, but technical indicators for BNB’s price prediction appear positive now. The coin’s open interest has increased in parallel to its price, and a further increase would indicate a high likelihood of the current price trend continuing.

BNB’s Fear and Greed index is neutral at 52. Technical indicators are bullish, volatility is negative, and whale holders are inactive overall, suggesting stability of the asset ahead.

Successful ALGT presale and rising BSC transactions

Investors made $6 million from the recent Algotech (ALGT) presale. ALGT features an innovative platform and operates on the premise of helping investors profit via AI tools. This has positively impacted the BNB price prediction.

Transactions on the Binance Smart Chain show a stable rising pattern, increasing from around three million to four million a day. The steady rise shows consistent activity and increasing use of the blockchain. Daily transactions have shown sustained user engagement so far this 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.

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.