The post Binance Coin Breaks New Ground, Hits ATH At Nearly $720 appeared on BitcoinEthereumNews.com.

Binance Coin (BNB), the native token of the world’s largest cryptocurrency exchange Binance, has been on a tear in recent weeks. After breaking free from a period of consolidation, BNB skyrocketed to a new all-time high of $717 on Friday. Despite a minor correction, the coin remains firmly in bullish territory, with analysts predicting further potential for growth. Related Reading Surge In Demand Fuels Rally Before its recent climb, BNB had been trading within a sideways range, a pattern commonly observed before a major price shift. This consolidation phase allowed buyers and sellers to reach a temporary balance. However, on June 3, a spike in buying activity pushed BNB past the upper boundary of this range, ending the day at $685. BNB touches $717. Source: CoinMarketCap This newfound buying pressure seems to be fueled by a confluence of factors. Increased user engagement on the Binance exchange, coupled with the expanding utility of BNB within its ecosystem (discounts on trading fees, participation in token sales), has likely driven demand for the coin. Additionally, positive market sentiment across the cryptocurrency space has undoubtedly played a role. Technical Indicators Flash Green Lights Technical analysis also paints a bullish picture for BNB. Momentum indicators like the Relative Strength Index (RSI) and Money Flow Index (MFI) currently sit in overbought territory, suggesting that buying activity is outpacing selling. This indicates strong market strength and the potential for further price appreciation. BNB market cap currently at $101 billion. Chart: TradingView.com Eyes On $750 And Beyond Analysts are cautiously optimistic about BNB’s future trajectory. If the current buying pressure holds, some predict BNB could reach $750 in the near future. This target price represents a potential uptrend from current levels. Meanwhile, Binance Coin (BNB) is projected to see a significant increase of 145%, potentially reaching $780 by…

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Filed under: News - @ June 8, 2024 9:20 pm