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- Binance Coin is in the spotlight as technical indicators point to a high of over $700 soon.
- The Binance Coin ecosystem is bagging a lot of utility with intense BNB adoption.
Binance Coin (BNB) has found itself under the watchful eyes of investors as key indications suggest exciting weeks ahead. Recent analysis shows the price of BNB could climb above $700 by June.
Exciting Weeks Ahead for Binance Coin
Currently, BNB is ranked as the 4th largest cryptocurrency by market capitalization. Within the last seven days, BNB increased by 4.8% and now trades at $602. In the last 24 hours, the market cap increased by 0.90% to $88.8 billion, while trading volume increased by 5.9% to $1.4 billion.
Adding to the positive sentiments in BNB’s price is its increase in social dominance, according to data from Santiment. Notably, this metric hit 1.012%, indicating that the cryptocurrency was among the most discussed out of the top 100. Considering historical precedence, a rise in social dominance could show increased demand for the coin.
For instance, BNB’s price rose from a low of $511 to $632 the last time the metric hit 1.641%. This means BNB could see its price climb to $738 within the next 35 days if it follows a similar pattern. The cryptocurrency may reach a new high before the end of the second quarter given the momentum that BNB displayed.
Markedly, the derivatives market is also tilting towards a positive outcome for BNB’s price. This was demonstrated in the ratio of Long to Short positions in the market. Typically, investors’ expectations can be inferred from the Long/Short ratio. A reading below 1 indicates bearish sentiments, while a reading above 1 indicates the bullishness of the cryptocurrency.
For BNB, this ratio stands at 1.1 at press time, according to Coinglass, suggesting that traders are bullish on an asset. Note that it is very unusual to see the indicator crossover 1, thus, the high value indicates that there is an increasing optimism that BNB may exceed $700.
Critical Support Levels for BNB
Meanwhile, BNB increased in long openings at $601, $616, and $630. All these areas can support the cryptocurrency from a trading perspective. This means the price of BNB could get to the $738 mark, as earlier mentioned should buying pressure increase when BNB revisits these points.
However, traders should exercise caution due to the possibility of a sideways movement in the coin if purchasing pressure were to decline. Under extreme bearish circumstances, the price may drop below $565, the next fundamental support level.
Nonetheless, recent positive developments in the ecosystem could contribute to the price increase of BNB. Per Crypto News Flash’s earlier announcement, BNB Chain announced the launch of its Trading Volume Incentive Program for traders and projects building on opBNB and BNB Smart Chain (BSC).
In a parallel development, leading Decentralized Exchange Jupiter teamed up with Clone Protocol to enable users to trade BNB. As more platforms seek to begin BNB integrations, the future appears bright for the coin.
