Binance Coin (BNB) Price Prediction 2023 — Will BNB Hit $500 Soon?
Bullish BNB price prediction for 2023 is $346.8 to $457.7.
Binance Coin (BNB) price might also reach $500 soon.
Bearish BNB price prediction for 2023 is $196.2.
In Binance Coin (BNB) price prediction 2023, we use statistics, price patterns, RSI, RVOL, and other information about BNB to analyze the future movement of the cryptocurrency.
Binance Coin (BNB) Current Market Status
Current Price
$277.90
24 – Hour Trading Volume
$478,597,498
24 – Hour Price Change
1.1% Up
Circulating Supply
163,276,974
All – Time High
$686.31 (On May 10, 2021)
BNB Current Market Status (Source: CoinGecko)
What is Binance Coin (BNB)?
Binance Coin (BNB) was launched in 2017 as the utility token for Binance, one of the largest crypto exchanges. Initially, Binance Coin (BNB) was only used as transaction fees and trading fees on the exchange. Binance nearly holds the largest crypto trading volume of $7.6 billion at the beginning of Q2 2022.
Later in September 2020, Binance Smart Chain (BSC), an EVM-compatible Proof-of-Stake authority (PoSA) blockchain, went live. The exchange token migrated onto the BSC and its functionalities expanded.
Binance Coin (BNB) Price Prediction 2023
Binance Coin (BNB) holds the 5th position on CoinGecko right now. BNB price prediction 2023 is explained below with a daily time frame.
The above chart of Binance Coin (BNB) laid out the Ascending Triangle Pattern. The Ascending triangle is a characteristic pattern of an ongoing bullish trend. This triangle is formed by a horizontal upper trendline that connects the highs and a lower trendline that connects the rising lows. If the trend breakout at the resistance level, the price will continue to move up in this ascending triangle pattern.
Currently, Binance Coin (BNB) is in the range of $275.67. If the pattern continues, the price of BNB might reach the resistance levels of $333.1 and $449.7.If the trend reverses, then the price of BNB may fall to $234.1 and $185.6.
Binance Coin (BNB) Support and Resistance Levels
The chart below shows the support and resistance levels of Binance Coin (BNB).
From the above daily time frame, we can clearly interpret the following as the resistance and support levels for Binance Coin (BNB).
Resistance Level 1$346.8Resistance Level 2$457.7Support Level 1$261.3Support Level 2$196.2BNB Resistance & Support Levels
The charts show that Binance Coin (BNB) has performed a bullish trend over the past month. If this trend continues, BNB might run along with the bulls overtaking its resistance level at $457.7.
Accordingly, if the investors turn against crypto, the price of Binance Coin (BNB) might plummet to almost $196.2, a bearish signal.
Binance Coin (BNB) Price Prediction 2023 — RVOL, MA, and RSI
The Relative Volume (RVOL) of Binance Coin (BNB) is shown in the chart below. It is an indicator of how the current trading volume has changed over a period of time from the previous trading volume. Currently, the RVOL of BNB lies below the cutoff line, indicating weak participants in the current trend.
Also, the Moving Average (MA) of Binance Coin (BNB) is shown in the chart above. Notably, Binance Coin (BNB) price lies above 50 MA (short-term), so it is in an uptrend. Currently, BNB has entered a bullish state. Therefore, there is a possibility of a reversal trend of BNB at any time.
Meanwhile, the relative strength index (RSI) of the BNB is 63.94. This means that Binance Coin (BNB) is nearly in an overbought state. However, this means a major price reversal of BNB may occur in the upcoming days. So, traders need to trade carefully.
Binance Coin (BNB) Price Prediction 2023 — ADX, RVI
Let us now look at the Average Directional Index (ADX) of Binance Coin (BNB). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.
The above chart represents the ADX of Binance Coin (BNB). Currently, the ADX of BNB lies in the range of 30.3 and thus, it indicates a strong trend.
The above chart also represents the Relative Volatility Index (RVI) of Binance Coin (BNB). RVI measures the constant deviation of price changes over a period of time. The RVI of BNB lies above 50, indicating high volatility. In fact, the RSI of Binance Coin (BNB) is at 63.94 thus confirming a potential buy signal.
Comparison of BNB with BTC, ETH
The below chart shows the price comparison between Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
From the above chart, we can interpret that the price actions of BNB are in a similar trend with respect to BTC and ETH. This indicates that when the price of BTC and ETH increases, the price of BNB increases. And when the price of BTC and ETH decreases, the price of BNB decreases.
Binance Coin (BNB) Price Prediction 2024-2030
Numerous factors are taken into account when forecasting prices including volume changes, price variations, market cycles, and similar coins. Let’s predict the price of Binance Coin (BNB) between 2024 and 2030.
Binance Coin (BNB) Price Prediction 2023
If the declining price action completely slows down in momentum and the trend reverses, Binance Coin (BNB) might probably attain $550 by 2023.
Binance Coin (BNB) Price Prediction 2024
With several upgrades in the network, Binance Coin (BNB) might enter a bullish trajectory. If the coin grabs the attention of major investors, BNB might rally to hit $580 by 2024.
Binance Coin (BNB) Price Prediction 2025
If Binance Coin (BNB) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 3 years, BNB would rally to hit $600
Binance Coin (BNB) Price Prediction 2026
If Binance Coin (BNB) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 4 years, BNB would rally to hit $620
Binance Coin (BNB) Price Prediction 2027
If Binance Coin (BNB) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 5 years, BNB would rally to hit $660
Binance Coin (BNB) Price Prediction 2028
Binance Coin (BNB) holds up a strong stance as a better investment option for the next 6 years amid the trends in the highly-volatile crypto market. By driving significant price rallies, BNB would hit $680 in 2028.
Binance Coin (BNB) Price Prediction 2029
If investors flock in and continue to place their bets on Binance Coin (BNB), it would witness major spikes. BNB might hit $700 by 2029.
Binance Coin (BNB) Price Prediction 2030
With greater advancements in the Binance ecosystem, the crypto community might continue to invest in BNB for the next 8 years and drive significant price rallies for the token. Hence, Binance Coin (BNB) might hit $720 by 2030.
Conclusion
With continuous improvements in the Binance platform, we can say that 2023 is a good year for BNB. For this reason, the bullish price prediction of Binance Coin (BNB) in 2023 is $457.7. On the other hand, the bearish price prediction of Binance Coin (BNB) price prediction for 2023 is $196.2.
Furthermore, with the advancements and upgrades to the Binance ecosystem, the performance of BNB would help to reach above its current all-time high (ATH) of $686.31 very soon. But, it might also reach $500 if the investors believe that BNB is a good investment in 2023.
FAQ
Binance Coin (BNB) is an exchange-based token living on the Binance Smart Chain (BSC). Initially launched as a utility token for paying the exchange transaction and trading fees, BNB extended into an efficient payment and investment option.
Binance Coin(BNB) has been listed on many crypto exchanges which include Binance and KuCoin.
With the ongoing developments and upgrades within the Binance platform, BNB has a high possibility of reaching its ATH soon.
On May 10, 2021, Binance Coin (BNB) reached its new all-time high (ATH) of $686.31.
Binance Coin (BNB) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of Binance Coin in the past few months, BNB is considered a good investment in 2023.
Binance Coin (BNB) is one of the active cryptos that continues to maintain its bullish state. Eventually, if this bullish trend continues then Binance Coin (BNB) will hit $500 soon.
Binance Coin (BNB) price is expected to reach $550 by 2024.
Binance Coin (BNB) price is expected to reach $580 by 2025.
Binance Coin (BNB) price is expected to reach $600 by 2026.
Binance Coin (BNB) price is expected to reach $620 by 2027.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Filed under: Bitcoin - @ January 11, 2023 12:29 pm