bullish

2024

Coin

<p>The crypto market is experiencing a new shake-up with Binance Coin (BNB) breaking through the symbolic $500 mark. This spectacular performance raises many questions about the future of this crypto asset and its short-term potential.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <div class="entry-content-asset">
   <div class="social-embed-container">
    <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
     <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BNB</a> / USDT : <br><br>One of my favourite bull market indicator, has been holding really well. Imo, made a crazy come back from 400$.<br><br>Hopefully it lasts, and cross 550-600$ range, at this point <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> would have made 68000$<br><br>As always " Trust in <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> " <a href="https://t.co/3cuN7zqRVU">pic.twitter.com/3cuN7zqRVU</a></p>— Crypto King
     <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f451.png" alt="👑" class="wp-smiley" style="height: 1em; max-height: 1em;">
     <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f48e.png" alt="💎" class="wp-smiley" style="height: 1em; max-height: 1em;">.eth.sol (@cryptosanthoshK) <a href="https://twitter.com/cryptosanthoshK/status/1821804276005396783?ref_src=twsrc%5Etfw">August 9, 2024</a>
    </blockquote>
    <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
   </div>
  </div> 
 </div>
 <figcaption class="wp-element-caption">
  Predictions on BNB crypto are rife
 </figcaption>
</figure> 
<h2 id="h-a-meteoric-rise-driven-by-an-optimistic-market">A meteoric rise driven by an optimistic market</h2> 
<p>The value of the crypto asset <a href="https://www.cointribune.com/en/crypto-markets/bnb-bnb-en/" target="_blank" rel="noreferrer noopener">BNB</a> <strong>rose from $469 to a peak of $508.48 in just 24 hours</strong>. This 7.43% increase indicates a massive renewed interest in Binance’s native crypto exchange token.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1"> 
 </div> 
</div> 
<p>Analysts point to several factors explaining this bullish trend:</p> 
<ul> 
 <li><strong>A significant increase in trading volume</strong></li> 
 <li><strong>Growing interest in BNB-related derivatives (29.04% jump for BNB options)</strong></li> 
 <li><strong>A 68.38% increase in <a href="https://www.coinglass.com/currencies/BNB/" target="_blank" rel="noreferrer noopener">options volumes</a></strong></li> 
</ul> 
<p>This intense activity in the options and futures markets suggests that crypto investors anticipate a continuation of the bullish trend.</p>  
<div class="tradingview-widget-container tradingview--mini-chart"> 
 <div class="tradingview-widget-container__widget"></div> 
 <div class="tradingview--mini-chart--dark"> 
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BNBUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script> 
 </div> 
 <div class="tradingview--mini-chart--light"> 
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BNBUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script> 
 </div> 
 <div class="tradingview-widget-copyright">
  <a href="https://fr.tradingview.com/symbols/BNBUSD/?exchange=BINANCE" rel="noopener" target="_blank"><span class="text-primary-color">BNBUSD chart</span></a> by TradingView
 </div> 
</div>  
<h2 id="h-technical-indicators-favoring-a-continuation-of-the-bnb-crypto-rise">Technical indicators favoring a continuation of the BNB crypto rise</h2> 
<p>The technical analysis of BNB reveals <strong>encouraging signals for bulls</strong>.</p> 
<ul> 
 <li>The RSI hovers around 54, indicating a moderate bullish trend with no sign of overbought.</li> 
 <li>The MACD shows positive momentum, with a histogram turning green.</li> 
</ul> 
<p>These indicators suggest a potential for further upside, with <strong>price targets at $550</strong> and potentially $580 by the end of the month. Some crypto experts even consider the possibility of reaching $600 if market volatility remains favorable.</p> 
<p>However, Binance’s BNB cryptocurrency faces <strong>critical resistance at $510.</strong> Breaking through this level could trigger a new wave of purchases and propel the price to these higher targets. In the event of a reversal, solid supports are identified at $500, $480, and $450. These offer potential entry points for investors looking to take advantage of possible corrections.</p> 
<p>As BNB approaches <a href="https://www.cointribune.com/en/bnb-hits-ath-binances-crypto-surpasses-700/" target="_blank" rel="noreferrer noopener">its all-time high</a>, investors remain attentive to the next movements of this leading crypto asset.</p> 
<div class="affiliate-button"> <a class="affiliate-button__link" href="https://bitvavo.com/fr/affiliate/coinmedia?a=_cta" target="_blank" rel="noreferrer noopener">€20 bonus for registering on Bitvavo</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noreferrer noopener">This link uses an affiliate program.</a> 
</div>

Crypto: The Binance Coin Surpasses $510, is the $600 Mark in Sight?

Table of Contents

Cointribune EN

Other articles published on Aug 9, 2024

XRP Reverses Its Gains as Open Interest Drops by Nearly 10%! Here’s What’s Next for XRP Price

London-Based Capula Investment Reveals $464M in Bitcoin ETFs

Analyst’s Top 9 Altcoins to Buy as Bitcoin Eyes $70K

Core Scientific Reports $805 Million Loss in Q2 Due to Asset Adjustments

The Famous Name Who Said Bitcoin Will Not Fall Below This Level Pointed to These Months for a Sol...

US Policy Group Proposes Bitcoin Tax-Free Zone to Boost Digital Economy

Join our free newsletter for daily crypto updates!