- Market sentiment associated with BNB remains bullish
- A northward breakout could allow the token’s price to hit $600
Most people had high hopes from Bitcoin’s [BTC] halving, especially since several expected the market to turn volatile soon after. However, not every altcoin turned bullish, with BNB emerging to be among the select few.
Now, though the halving didn’t have a massive effect on BNB right off the bat, the situation can turn volatile pretty soon.
BNB’s road ahead
BNB’s price action was volatile last week, as its value dropped by nearly 7%. However, the price action somewhat stabilized after Bitcoin halved as the coin’s price only dropped by 0.5% in the last 24 hours. At press time, it was trading at $556.81 with a market capitalization of over $83.2 billion.
Here, it is interesting to note that while the coin’s price volatility declined, bullish sentiment around it rose. The same was highlighted by the rise in weighted sentiment on 19 April. Additionally, its social volume spiked too, reflecting its popularity in the crypto-space.
Source: Santiment
The slow-moving days might end soon though, especially since the blockchain is in the news now after its latest announcement. As per a recent tweet from the blockchain’s official X handle, investors might see a huge amount of BNB transfers in the coming days.
Investors need not worry, however, as the transfers will be done as part of the blockchain’s Beacon chain to Binance Smart Chain migration.
The blockchain previously revealed in its roadmap that it plans to transfer the Beacon Chain’s functionalities over to the BSC, while ultimately retiring the Beacon Chain.
Starting April 2024, validators will migrate to BSC’s new validators and delegators will use cross-chain re-delegation for their stakes in BSC. This new development might pique interest in the BNB Chain, which can result in more volatility on the price front in the coming days.
When can BNB expect this volatility?
AMBCrypto then checked Hyblock Capital’s data to look for possible resistance and support levels if BNB’s price turns volatile. As per our analysis, if a bull rally happens, then BNB’s first resistance might be at $588.
This seems to be the case as a significant amount of BNB will liquidate at that level, an episode that can trigger a short-term price correction.
If a further breakout happens, then the token’s price might as well go above $600. However, if the opposite happens and BNB moves south, then its value might fall to its support near the $500-range.
Source: Hyblock Capital
Read BNB’s Price Prediction 2024-25
To better understand in which direction the token’s price might move, AMBCrypto then analyzed its daily chart.
As indicated by the Bollinger Bands, BNB’s price seemed to be about to touch its 20-day SMA. A successful breakout above it could result in a bull rally. Even so, nothing can be said with the utmost certainty, especially as the MACD flashed a bearish advantage in the market.
Source: TradingView
Powered by WPeMatico
