Binance (BNB) On-chain Data Eyes To Hit $1000 This 2024?

Story Highlights

• With a 24-hour surge of ~19%, the BNB coin price has achieved a new ATH.
• Daily trading volume records a 125% surge and surpasses the $5 billion mark.
• Sustained bullish action could push the price toward the $1000 mark.

The BNB coin price has achieved a new ATH of $793.35 with an intraday surge of over 20%. Moreover, with a surge of ~150% in its daily trading volume, this altcoin is currently exchanging hands at $769.88.

With Binance coin price recent surge, will this crypto token dominate the altcoin market rally this month? Lets us understand the market sentiments and short-lived Binance (BNB) coin price analysis through this article.

Binance Price Records A New All-time High Today!

The BNB coin price has surged ~19% in 24 hours with a trading volume of $5.777 billion. This has resulted in this altcoin recording a new ATH for the second time this year. Further, highlighting a strong bullish sentiment in the crypto market.

TradingView: BNB/USDT

Further, the SMA indicator constantly supports the BNB price chart in the 1D time frame. This highlights increased buying-over-selling pressure for the BNB token in the cryptocurrency market.

The Moving Average Convergence Divergence (MACD) has recorded a sharp rise in the green histogram with its averages showing a similar price trend, indicating that the 06th largest crypto token may continue gaining value in the coming time.

Will Binance Price Hit $1000?

If the crypto market continues gaining momentum, the Binance price may achieve the $800. Maintaining the price above that level may result in it retesting its all-time high (ATH) of $100 in the coming time.

On the contrary, in case of a bearish reversal, the BNB coin price could retest its support level of $720. Moreover, with increased bearish sentiment, this altcoin could plunge toward its lower support level of $635.

Concerned about the long-term price sentiment of the BNB token? Read CoinPedia’s Binance Coin Price Prediction. Also, subscribe us to stay updated on the latest cryptocurrency news!

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