Binance Coin Price Analysis: Will $BNB Price Surpass $650 By April End?
Highlights
- Amid the market sell-off, the BNB price is witnessing overhead supply at $620, signaling a potential reversal to $530.
- The falling ADX value hints the altcoin price is stabilizing from the Feb-Mar rally.
- The intraday trading volume in the BNB coin is $1.4 Billion, indicating a 12% gain.
Binance Coin Price Analysis: BNB, the native cryptocurrency of the world’s leading cryptocurrency exchange, has outperformed the broader market’s sluggish behavior following Bitcoin Halving. From the April 17th low of $512, the altcoin rallied 18.4% to trade at $607 currently. This rising price on the verge of a pennant pattern breakout hints opportunity for buyers to target $700.
Also Read: BNB Update: Top Reasons Why BNB Might Hit $700 Soon
Will BNB’s 27th Quarterly Burn Break the Sideways Trend?
Binance Coin’s short-term trajectory is showing lateral movement, marked by the converging trendlines of a pennant formation. This technical setup is commonly observed in an established uptrend where it provides an occasional breather for buyers to recuperate bullish momentum.
In the latest update from the BNB Foundation, reported by WuBlockchain, the cryptocurrency world has just witnessed a significant token burn event. The 27th quarterly BNB burn has been successfully completed, with a staggering 1,944,452.51 BNB being automatically removed from circulation.
BNB Foundation announced the completion of the 27th quarterly BNB burn, with a total of 1,944,452.51 BNB automatically burned, worth approximately $1.17 billion. The automatic burn formula is calculated every quarter. https://t.co/opisVqKwko
— Wu Blockchain (@WuBlockchain) April 24, 2024
This burn amounts to an estimated value of $1.17 billion, underscoring the BNB Foundation’s commitment to deflationary mechanisms within its tokenomics. The protocol behind this automatic burn is recalculated every quarter to maintain alignment with the ecosystem’s growth and BNB’s performance.
With the current buying momentum, the Binance coin price is poised to challenge the upper boundary of the pennant pattern. A successful breakout will signal the continuation of the prevailing rally and choose a potential target of $775.
On a contrary note, if the supply pressure in the broader market continues, the BNB price will revert from the overhead trendline This reversal may prolong the ongoing consolidation trend for a few days to weeks.
This, the BNB price recovery to $650 by month end depends on triangle breakout this week.
Technical Indicator:
- Exponential moving average. An analysis of the daily chart shows the 50 EMA slope has acted as a dynamic support for BNB during market correction in the past four months.
- Directional Movement Index: A bullish crossover between the DI+(Blue) and DI-(orange) hints at a positive sentiment in returning to this asset.
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