Can BNB Offer Good returns despite regulatory concerns?

Binance has been going through a lot of trouble lately ranging from the Indian government banning binance to CEO CZ stepping down. But, what impact does that have on it’s crypto coin: BNB.

In this article, we will find the price action and price prediction of BNB, its weekly performance, its future outlook, and some of the latest news affecting it.

Table of Contents

BNB Price Prediction

BNB is currently trading $317. The coin has gained 20% value in past 5 days. Currently, BNB has a market cap of $48 billion which ranks it 4th largest coin by market cap. BNB has a circulating supply of 151.69 million tokens and a max supply of 200 million tokens.

Broken major trend line resistance also re tested it successfully but currently facing strong resistance from marked horizontal resistance zone.

Buy BNB

Weekly Price Analysis

The weekly price chart of BNB shows that BNB has been in a strong uptrend since the beginning of December 2023, breaking above several resistance levels and forming higher highs and higher lows. BNB started the week at around $220 USD and reached a weekly high of $330 .

Offer

Try 3Commas or Coinrule and automate your trading strategies for Free.

BNB then experienced a slight correction and consolidated around $300 USD for the next few days, before resuming its upward momentum and closing the week at around $268 USD.

Future Outlook

The future outlook of BNB depends on several factors, such as the performance and innovation of the Binance ecosystem, the market sentiment and adoption of cryptocurrencies, the regulatory and competitive environment, and the technical analysis of BNB price. Based on these factors, we can expect the following scenarios for BNB price in the short to medium term:

Bullish scenario: If BNB continues its strong uptrend and breaks above the previous all-time high of $330 USD, it may enter a new price discovery mode and target the next psychological resistance levels of $350 USD, $400 USD, and $500 USD.
Bearish scenario: If BNB fails to sustain its uptrend and breaks below the current support level of $250 USD, it may enter a correction phase and target the next support levels of $220 USD, $200 USD, and $180 USD.