BNB Price Prediction: Is It Time To Buy the Dip Now?

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Can Binance Coin Reach $2,000 In This Bull Run?

Highlights

  • Binance Coin price faces rejection at $610, signaling potential further decline.
  • BNB price trades at $593.90, down 3%, hinting at bearish momentum.
  • Whales accumulate stablecoins amid BNB price dip, signaling caution.

BNB has experienced significant price fluctuations this year, reaching a high of $720 in June before undergoing a downward correction. More recently, technical patterns such as ascending triangles have signaled periods of consolidation, suggesting the market could be at a pivotal moment. With prices dipping, traders and investors are eyeing potential entry points

These patterns suggest that Binace Coin price could be preparing for a potential breakout, offering insights into its future trajectory. After peaking, BNB began forming an ascending triangle, hinting at consolidation and a possible continuation of the uptrend that began in October. However, the recent price correction has added uncertainty.

BNB Price  Soars In DEX Trading Volumes: Should You Buy the Dip Now?

BNB has been performing strongly in decentralized exchange (DEX) trading, ranking third among the top networks by volume over the past 30 days as investors are left wondering if this could be the right time to buy the dip and position for the next rally.

According to recent data, Binance Smart Chain recorded a significant $21.8 billion in trading activity, closely following Ethereum and Solana, which led with $41.6 billion and $37.7 billion, respectively. 

This highlights BNB’s continued relevance in the decentralized finance (DeFi) space, where it remains a key player.

Will Binance Coin Price Hit $620 This Week?

The token has shown volatility over the past week, reflecting the broader crypto market trend. Bitcoin recently surged above $67,000, but profit-taking activity has introduced some instability. This led to a minor correction, pulling the current BNB price down to around $595, marking a slight dip of 0.31%. 

The Relative Strength Index (RSI) shows a reading of 47, indicating neutral market conditions.

BNB price is showing encouraging signs of a potential bullish trend. If upward momentum returns, the token could test the $610 resistance level. Furthermore, sustained buying pressure may push major altcoins beyond $615 in the near future.

BNB Price Prediction: Is It Time To Buy the Dip Now?
BNB Price Chart| Source: TradingView

The whale activity has correlated with a recent dip in BNB’s price, as the percentage of stablecoins held by whales has increased. Despite accumulating more than $5 million in stablecoins, BNB’s price has declined, suggesting that large investors may be repositioning in the market. 

BNB Price Prediction: Is It Time To Buy the Dip Now?
Source- Santiment

BNB price faces a pivotal moment. While short-term volatility persists, a breakout above $610 could signal a bullish turn.

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Frequently Asked Questions (FAQs)

1. How has BNB performed in DEX trading recently?

BNB ranks third among DEX networks, with $21.8 billion in trading volume over the last 30 days.

2. Why is BNB facing resistance at $610?

The $610 level has proven to be a significant resistance point due to market selling pressure.

3. Are whales accumulating stablecoins related to BNB?

Yes, whales have increased their stablecoin holdings during BNB’s price dip, signaling caution.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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