Binance Coin Price Analysis: Bulls drive BNB price to new ATH at $148

Binance Coin Price

TL;DR breakdown

  • Binance Coin roars past $100 to set new ATH.
  • Binance Smart Chain is increasingly becoming more popular in settling transactions.
  • Binance coin is currently trading below $130 after pull back.

Binance Coin Price Prediction: General overview

Binance Coin price shot up by an impressive 33.5 percent to set a new all-time high at $148 price level after breaking past $100 yesterday. BNB has gained over 200 percent over the last week, ranking it among the market’s best performing cryptocurrencies. The BNB/USD price action sailed through the selling pressure at $80 and $100 price levels, respectively, before clearing past $120 and surging to a new all-time high. 

The remarkable Binance Coin price rally enabled the Binance Smart Chain native token to eclipse Ethereum on the daily transaction volume metric. BNB’s majestic growth has been hugely credited to the growth in popularity of the Binance Smart Chain, with the Ethereum network clogged with transactions due to hiked transaction fees. The fact that the Binance chain raised over $300K in transaction fees explains its increased demand. 

The BNB/USD pair opened the day trading at $107.34 before surging by more than 30 percent to hit $148. The daily price range is $107.28 — $148.40, boasting a 24-hour trading volume of $7.5 billion. At the time of writing, BNB trades at a market price of $127.56 on the Binance exchange after correcting from the new ATH. 

Binance Coin Price Prediction: BNB/USD 4-hour chart

Binance Coin Price Analysis: Bulls drive BNB price to new ATH at $148 1
BNB/USD 4-hour chart: BNB/USD

Binance coin price rally gained momentum after breaking from a declining channel with selling pressure close to $70 price level, as seen on the above chart. BNB gathered momentum rising past $120 and $130 to set its new all-time high. However, BNB bulls’ attempt to reach $150 hit a brick wall, and the coin has since retraced back to below $130. BNB has support near $125 and $120. The first critical support is at the $115 price level, preventing further losses. 

On the upside, further resistance beyond $150 can be found at $160, $170.9, and $182.87 price levels. With the growing popularity in Binance Smart Chain, it might not take long before seeing BNB set a new all-time high beyond the $150 price level. 

Binance Coin Price Prediction: Conclusion

Until the Ethereum network tackles the huge gas fees problem, the Binance chain appears to be the ideal choice to settle transactions due to its low fees and high speed. Although the Binance chain is not as decentralized as many users would prefer, it emerges as the ideal choice when the Ethereum network charges traders transaction fees more than the amount being transacted. Furthermore, being a Binance product makes it even more popular due to the exchange’s massive reputation in the industry. 

Meanwhile, Binance has voluntarily withdrawn its defamation lawsuit against Forbes Media LLC only three months after filing. In November 2020, Binance sued Forbes, claiming that the media company was spreading false allegations through an article by reporter Michael del Castillo and Jason Brett. The world’s leading exchange demanded Forbes to pay for damages and bring down the alleged article. 

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Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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