Binance Coin (BNB) Price Prediction 2024-2025

In 2024, Binance Coin [BNB] reached a record high of $720. To sustain this momentum amidst market turmoil, it began accumulating in June.

Binance Coin [BNB] began accumulating in June 2024, aiming to sustain its record-breaking momentum amid market turmoil. This phase witnessed the price moving back and forth within a confined area.

After pulling away from the resistance line last week, BNB fell by 8.49% but then rebounded by 2.04% upon reaching the support line of the bullish pattern.

What’s next for BNB in this volatile market? AMBCrypto offers an in-depth look.

Potential paths ahead for BNB

Typically, the movement within the consolidation channel suggests that BNB should trend lower after bouncing off the resistance level at $604.9. However, an ascending triangle offers hope for a rally.

If this ascending triangle holds, BNB’s next target could be a return to the resistance line. At this juncture, two scenarios are possible: if bullish momentum is strong, BNB could potentially rise to $720 or higher, surpassing its all-time high.

On the other hand, if the support levels of the currently developing ascending channel fail, the token could fall to $495.8, where the consolidation’s support line lies.

Limited BNB supply could trigger a rally

According to Coinglass, the availability of BNB across several exchanges has significantly decreased as traders move their assets to private wallets for long-term storage.

In a notable withdrawal, traders removed $21.64 million worth of BNB from Binance—a substantial amount that could influence buying pressure.

Moreover, Open Interest, which measures market sentiment, indicates that traders are gradually starting to buy the coin, with a modest increase of 0.36% recorded.

If this trend continues, with Netflow remaining significantly negative and Open Interest becoming more positive, then we could see a strong buying momentum that will support a potential rally.

RSI U-turn indicates a bullish market shift

The Relative Strength Index (RSI) is a momentum indicator that measures the speed and change of price movements, helping to identify overbought or oversold conditions as well as the overall market sentiment.

A sharp U-turn in the RSI value indicates a clear shift in market dynamics, with bullish sentiment gaining the upper hand. As the RSI line continues to trend upward, we can expect to see a stronger rally.

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