BNB Could Triple by 2024
BNB, also referred to as Binance Coin or BNB Coin, is the native cryptocurrency of the BNB blockchain. It is the main currency of popular crypto exchange Binance.
Currently, BNB is 5th largest cryptocurrency in terms of market capitalization, which reflects the digital asset’s high popularity and large significance in the eyes of crypto traders and investors.
BNB’s price is currently near the $210 mark, and the price-tag is nearing the critical $183 point. If BNB hits the mark, our team of analysts expect two scenarios which may potentially take place.
Scenario 1
After visiting the significant 78.60% Fibonacci level, coinciding with the $183 mark and a sturdy support level, a fresh & forceful upward trend could begin. This Fibonacci level, alongside the 88.60% Fibonacci level, are considered to be quite reliable when there are aggressive increases and decreases in price.
BNBUSD (1 Month Time Frame)
The very common W-shaped trend may in-fact occur, which would mean that BNB could potentially be valued by as much as $720 towards the mid of 2024.
Scenario 2
BNB could strongly break the support barrier of $183 towards another potential inflection point by the $116 mark. This level is significant, as it coincides with the 88.60% Fibonacci level as well as conjoining with the highest price the token has achieved since its public launch.
BNBUSD (1 Month Time Frame)
This scenario is also supported by the theory and that following a strong price breakout beyond a specified range, it tends to retest it and catapults as shown in the chart above.
Comparing the Scenarios
Our analysts have utilized the RSI (Relative Strength Index) indicator to compare the two scenarios. As seen in the chart, there is no divergence that marks a change in trend, if not quite the opposite. It seems that the price is expected to fall even further.
BNBUSD (1 Week Time Frame)
Our RSI studies suggest that the second scenario is more likely to occur. Yet, markets may become unpredictable at times so it may be wise to await any major price changes in the following month before entering a confident trade order.
