BNB to $600 depends on these key factors after Bitcoin’s halving

BNB

Many individuals were optimistic about Bitcoin‘s [BTC] upcoming halving event, believing that the market would become turbulent right after. Yet, not all alternative coins experienced a surge in value. One of the exceptions was Binance Coin (BNB).

Currently, the reduction in BNB‘s supply didn’t cause significant impact, but things could quickly become unstable.

BNB’s road ahead

Last week, BNB‘s price fluctuated significantly, decreasing by almost 7%. Yet, the price swings became more subdued following Bitcoin’s halving event, resulting in a minimal 0.5% decline in the past day. Currently, BNB is priced at $556.81 and boasts a market value surpassing $83.2 billion.

Intriguingly, despite a decrease in the coin’s price instability during this period, there was a surge in positive investor feelings towards it. This trend was underscored by an increase in optimistic sentiment on April 19th. Furthermore, social media chatter about the coin experienced a significant uptick, indicating its growing significance within the cryptocurrency community.

The leisurely pace of things could be coming to an end, with the buzz around blockchain growing following its recent announcement. According to a recent tweet from the official X account of the blockchain, there may be significant BNB transactions occurring soon for investors to watch.

Investors can relax knowing that the asset transfers during the migration of the blockchain from Ethereum‘s Beacon chain to Binance Smart Chain will be handled smoothly.

Previously announced in the blockchain’s roadmap, the plan is to move the Beacon Chain’s functions to the Binance Smart Chain (BSC), with the intention of eventually phasing out the Beacon Chain.

Beginning in April 2024, validators will transition to the latest validator group on Binance Smart Chain (BSC). Delegators are advised to employ cross-chain re-delegation for their BSC stakes during this shift. This update could generate increased attention towards BNB Chain, potentially leading to greater price fluctuations in the near future.

When can BNB expect this volatility?

After examining Hyblock Capital’s information, AMBCrypto explored potential resistance and support points for BNB in case of market volatility. According to our assessment, the initial resistance for BNB during a bull run could be around $588.

If a large quantity of BNB reaches the specified price, leading to its sale and potentially causing a brief decrease in price.

Should a new price peak occur, pushing the token beyond its current level, there’s a good chance it could reach and even surpass $600. Conversely, if BNB experiences a downturn, its value could potentially drop towards the $500 support range.

Read BNB’s Price Prediction 2024-25

To gain a clearer perspective on where the token’s price could be headed, AMBCrypto examined its day-to-day price trend using its chart.

According to the Bollinger Bands’ indication, BNB‘s price was approaching its 20-day Simple Moving Average (SMA). If it managed to surpass this level, we could witness an upward price trend. However, it is essential to note that this outcome isn’t guaranteed, as suggested by the bearish signal from the MACD in the market.

2024-04-21 06:15

BNB’s road ahead

When can BNB expect this volatility?

Read More