Binance Coin (BNB) Price Prediction: Bulls Remain in the Driver's Seat, Retesting $600 This Week?

Binance Coin (BNB), the fourth largest cryptocurrency by market capitalization, could be on the verge of retesting $600. If achieved, the coin will be erased

Binance Coin (BNB) price has been on a downward trend lately but is now recovering. The cryptocurrency has gained nearly 6% in the last seven days. So can investors expect another positive return from BNB this week?

Latest Status of BNB Price

BNB price dropped as low as $403.90 during the market crash on August 5. This event also affected the Weighted Sentiment of the cryptocurrency, with on-chain data showing that sentiment has dropped into negative territory.

The decline at that time indicated fear among investors and created selling pressure. But now the situation has changed; BNB's Weighted Sentiment has now reached the highest level since June 5th.

Weighted Sentiment, simply put, measures the amount of positive or negative sentiment expressed about a token. It is worth noting that a positive reading, on average, indicates that a review of a cryptocurrency is optimistic, while a negative reading indicates that, on average, it is negative.

Read more: Best BNB Wallets to Consider in 2024

With a reading of 3.44, the benchmark shows that comments regarding BNB are mostly positive. If this positive sentiment continues, it could increase demand for BNB and potentially push its value up from $535.50.

Another metric that could push the BNB price higher is the number of active users, which is the number of unique wallets transacting on the blockchain. According to Token Terminal, the number of weekly active users on BNB Chain on August 10 was 3.20 million.

Currently, this number has increased to 4.50 million, an increase of almost 50% in just nine days. Higher user activity is often associated with increased demand because wider adoption often strengthens a cryptocurrency's value by increasing trading volume and market participation.

Similarly, lower number of users indicates lower chances of price increase. Therefore, increased activity on the chain, if sustained, could increase the potential for BNB to achieve higher value.

BNB Price Prediction: Bulls Still in Control

From a technical perspective, the recent price correction of Binance Coin (BNB) appears to be over. The cryptocurrency broke out of the symmetrical triangle formed between August 5 and 16 upwards, indicating a potential bullish breakout.

Symmetrical triangles can point in either direction; A break below the downtrend line confirms a downtrend, while a break above the uptrend line indicates bullishness. The upward move in BNB suggests that the bulls are targeting the next resistance at $564.40.

MACD is above the signal line, supporting the continuation of the rise.

For more information: Binance Coin (BNB) Price Forecast 2024/2025/2030

If the bullish momentum continues, BNB could rise to $602.20, which coincides with the 61.8 Fibonacci retracement level. However, if market sentiment turns negative, it may be possible for the bears to regain control and push the BNB price down to $526.60 or $479.80 respectively.

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