Binance Coin Price Prediction – Will BNB Price Hit $700 in 2021?

This Binance Coin (BNB) Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our BNB price analysis and prediction.

Binance Coin (BNB) is one of the digital assets in the crypto market that does not need much introduction. In the past months, BNB has been performing well in terms of market growth rate and market capitalization.

Furthermore, Binance has announced its 13th quarterly BNB burn. The platform burned a total number of 2,2253,888 BNB coins, which is equal to $68 million. This event was performed to maintain healthy token circulation and slow down possible inflation rates.

But will Binance be a good investment in 2021? Or will its story be like how Bitcoin and ICOs ended after the 2017 bull run? Let’s find out in this CoinQuora BNB price analysis and Binance price prediction 2021.

What is Binance (BNB)?

In July 2017, Binance was launched which is the biggest crypto exchange worldwide based on daily trading volume. Binance aspires to be the leading global exchange of cryptocurrency. Binance’s name stands for a new paradigm in global finance, Binary Finance.

Aside from being the largest cryptocurrency exchange worldwide, Binance offers a host of functionalities to its users. The Binance network consists of the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all leverage blockchain technology to create new-age finance. Binance Coin is critical to many of the sub-projects on Binance’s platform.

Now that we have an idea about Binance Coin, do you think BNB will be profitable crypto in 2021? Or, are you curious to find out? Join me and let us see the charts in this BNB price analysis and BNB price prediction.

Binance Coin (BNB) Current Market Status

As of the time of writing this Binance technical analysis, BNB trades at $549.56 with a 24-hour trading volume of $2,290,101,578. The price of BNB has increased by 0.51% in the last 24 hours.

Furthermore, BNB has a current circulating supply of 117,019,511.69 BNB. Currently, the top crypto trading platforms for BNB are Binance, FTX, Huobi Global, Mandala Exchange, and CoinTiger.

Now, let’s proceed to the next part of this BNB technical analysis for 2021.

Binance Coin (BNB) Price Analysis 2021

Would the recent development and changes in the BNB’s blockchain help the cryptocurrency price to grow higher? Let’s take a look into the charts in this BNB price prediction article.

In the chart above, which is set in a daily time frame, we can see the Ascending Channel Trend pattern. An ascending channel is the price action that takes place in an upward direction through a sloping parallel line. More so, the chart shows the Higher Highs and Higher Lows from this price pattern. Moreover, this pattern indicates a short-term bullish.

As shown above, at the beginning of this month, BNB turned its bearish position to a bull trend. One reason to consider, the high trade volume that occurred in that period.

Furthermore, the Relative Strength Index (RSI) is at 67.59, which means that BNB is in a nearly overbought state. As a result, this may lead to a price reversal at any given time.

Let us also look down for the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) of BNB.

Binance is one of the potential cryptocurrencies this year. Since the start of 2021, BNB’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by consolidations, fluctuations, and corrections right away.

Binance Coin (BNB) Price Prediction 2021

Currently, BNB holds 3rd place on CoinMarketCap. In fact, BNB’s price reached an all-time high price of $690.93.

Would this market performance be enough for BNB to maintain its bullish position in 2021? Are you already excited to know the results? Well, what are we waiting for? Let’s get to the bottom of this BNB price prediction 2021.

In the short-to-mid-term scenario for our Binance price prediction 2021, BNB has to break past the resistance level at $568. To do this, it has to establish more support at the resistance level at $683.3. If not, bears may gain the upper hand and drag BNB further to their territory.

Meanwhile, our long-term BNB price prediction 2021 is bullish. Even more, it has a high possibility of reaching a new all-time high this year. However, that will only happen if it breaks past a number of psychological resistances.

Binance Coin (BNB) Price Prediction 2022

If this bullish trend continues, Binance will reach $800 by the end of 2022. Moreover, the first half of 2022 is going to show fast growth, up to $950. Then this rise will slow down, but no major falls are expected. With upcoming, partnerships, and developments reaching $800 is quite optimistic in the price point of view but undoubtedly feasible for the near future.

Binance Coin (BNB) Price Prediction 2023

If BNB holds the support level around 200-MA, the long-term moving average of 200 days firmly, buyers will then have ample time and stability to forge the next attack mission on the vital level at $1,800, making it not plummet but play consistently.

Binance Coin (BNB) Price Prediction 2024

As per the latest upgrades, developments, BNB price prediction, and new project forecasts of the platform, BNB investors could expect many partnerships and integrations around 2024. Moreover, this might boost the price of BNB in the crypto market, and it will be the best investment as the price can spike and reach around $2,500.

Binance Coin (BNB) Price Prediction 2025

In the next four years, BNB’s price could race up to $4,000. However, reaching this level could not be so difficult for BNB as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. This indicates that BNB has a high possibility of reaching new ATH soon in the next five years as per the prediction.

Conclusion

Binance has a bright future ahead of it in 2021. With ongoing developments happening within the BNB ecosystem and the overall crypto market, we may see BNB reach new heights.

Even more, the bullish BNB price prediction 2021 is $683. As said above, it may even reach a new ATH if investors have decided that BNB is a good investment in 2021 along with mainstream cryptocurrencies like Bitcoin. Moreover, it has a chance to reach $700 in the latter parts of this year as well.

FAQ

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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