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BNB Price Rally In Jeopardy? Decoding Key Hurdles To Fresh Increase

BNB price is attempting a fresh increase from the $545 zone. The price could gain bullish momentum if it clears the $585 and $590 resistance levels.

  • BNB price started a fresh increase after it found support near the $545 zone.
  • The price is now trading above $560 and the 100 simple moving average (4 hours).
  • There is a key contracting triangle forming with resistance near $585 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could attempt a fresh rally if it clears the $590 resistance zone.

BNB Price Eyes Fresh Surge

After a downside correction from $620, BNB price found support near the $545 zone. A low was formed at $546.1 and the price started a fresh increase, unlike Ethereum and Bitcoin.

There was a move above the $560 and $565 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $619 swing high to the $546 low. The price is now trading above $560 and the 100 simple moving average (4 hours).

Immediate resistance is near the $585 level. There is also a key contracting triangle forming with resistance near $585 on the 4-hour chart of the BNB/USD pair. It is close to the 50% Fib retracement level of the downward move from the $619 swing high to the $546 low.

BNB Price

Source: BNBUSD on TradingView.com

The next resistance sits near the $590 level. A clear move above the $590 zone could send the price further higher. In the stated case, BNB price could test $620. A close above the $620 resistance might set the pace for a larger increase toward the $640 resistance. Any more gains might call for a test of the $700 level in the coming days.

Another Decline?

If BNB fails to clear the $590 resistance, it could start another decline. Initial support on the downside is near the $555 level and the trend line.

The next major support is near the $545 level. The main support sits at $532. If there is a downside break below the $532 support, the price could drop toward the $500 support. Any more losses could initiate a larger decline toward the $465 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $555, $545, and $532.

Major Resistance Levels – $585, $590, and $620.

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BNB Price Could Resume Upside Unless The Bulls Fail At $610

BNB price is attempting a fresh increase from the $500 zone. The price could gain bullish momentum if it clears the $588 and $610 resistance levels.

  • BNB price started a fresh increase above the $520 and $540 levels.
  • The price is now trading above $575 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $580 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could attempt a fresh rally if it clears the $610 resistance zone.

BNB Price Eyes Fresh Surge

After a downside correction from $645, BNB price found support near the $500 zone. A low was formed at $498 and the price started a fresh increase, like Ethereum and Bitcoin.

There was a move above the $520 and $550 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $645 swing high to the $498 low. The price is now trading above $575 and the 100 simple moving average (4 hours).

There is also a key bullish trend line forming with support near $580 on the 4-hour chart of the BNB/USD pair. Immediate resistance is near the $588 level. It is close to the 61.8% Fib retracement level of the downward move from the $645 swing high to the $498 low.

BNB Price

Source: BNBUSD on TradingView.com

The next resistance sits near the $610 level. A clear move above the $610 zone could send the price further higher. In the stated case, BNB price could test $645. A close above the $645 resistance might set the pace for a larger increase toward the $680 resistance. Any more gains might call for a test of the $700 level in the coming days.

Another Decline?

If BNB fails to clear the $610 resistance, it could start another decline. Initial support on the downside is near the $580 level and the trend line.

The next major support is near the $560 level. The main support sits at $540. If there is a downside break below the $540 support, the price could drop toward the $500 support. Any more losses could initiate a larger decline toward the $450 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $580, $560, and $540.

Major Resistance Levels – $598, $610, and $640.

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BNB Price Could Restart Rally If It Is Able To Hold This Key Support

BNB price rallied further above $600 before it faced sellers. The price corrected gains and now testing an important support at $500.

  • BNB price started a downside correction from the $645 resistance zone.
  • The price is now trading near $515 and the 100 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $520 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could attempt a fresh increase if it stays above the $500 support zone.

BNB Price Holds Support

In the last BNB price prediction, we discussed the chances of more gains above the $550 resistance zone. The price continued to rise and broke many hurdles near the $580 level.

BNB even outperformed Bitcoin and Ethereum with a move above the $600 resistance. Finally, it faced resistance near the $645 zone. A high was formed near $645 and the price recently started a downside correction. There was a move below the $600 level.

The price declined below the 23.6% Fib retracement level of the upward move from the $365 swing low to the $645 high. The price is now trading near $515 and the 100 simple moving average (4 hours). Immediate resistance is near the $520 level.

There is also a key bearish trend line forming with resistance near $520 on the 4-hour chart of the BNB/USD pair. The next resistance sits near the $550 level. A clear move above the $550 zone could send the price further higher.

BNB Price

Source: BNBUSD on TradingView.com

In the stated case, BNB price could test $580. A close above the $580 resistance might set the pace for a larger increase toward the $600 resistance. Any more gains might call for a test of the $645 level in the coming days.

More Losses?

If BNB fails to clear the $520 resistance, it could continue to move down. Initial support on the downside is near the $500 level or the 50% Fib retracement level of the upward move from the $365 swing low to the $645 high.

The next major support is near the $470 level. The main support sits at $430. If there is a downside break below the $430 support, the price could drop toward the $400 support. Any more losses could initiate a larger decline toward the $350 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $500, $470, and $430.

Major Resistance Levels – $520, $550, and $580.

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BNB Price Breaks $600, Why Bulls Could Now Aim New ATH

BNB price is gaining bullish momentum above the $550 resistance. The price is showing positive signs and might extend its rally above $650.

  • BNB price is up over 15% and it broke the $600 resistance zone.
  • The price is now trading above $580 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support at $598 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could continue to rise toward the $650 resistance zone or even $700.

BNB Price Extends Rally

In the last BNB price prediction, we discussed the chances of more gains above the $500 resistance zone. The price continued to rise and broke many hurdles near the $550 level.

BNB is now outperforming Bitcoin and Ethereum with a move above the $580 resistance. It is up over 10% today and trading above $600. A high was formed near $633 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $364 swing low to the $633 high.

The price is now trading above $600 and the 100 simple moving average (4 hours). Immediate resistance is near the $625 level. The next resistance sits near the $635 level. A clear move above the $635 zone could send the price further higher.

BNB Price

Source: BNBUSD on TradingView.com

In the stated case, BNB price could test $650. A close above the $650 resistance might set the pace for a larger increase toward the $700 resistance. Any more gains might call for a test of the $780 level in the coming days.

Dips Limited?

If BNB fails to clear the $635 resistance, it could start a downside correction. Initial support on the downside is near the $600 level and the trend line.

The next major support is near the $570 level. The main support sits at $500 or the 50% Fib retracement level of the upward move from the $364 swing low to the $633 high. If there is a downside break below the $500 support, the price could drop toward the $450 support. Any more losses could initiate a larger decline toward the $420 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $600, $570, and $500.

Major Resistance Levels – $635, $650, and $700.

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Analyst Predicts Bitcoin Super Cycle, Sets Price Target At $80,000

Bitcoin, the world’s largest cryptocurrency asset, has finally entered a new price threshold, surpassing its previous all-time high (ATH) of $69,000, accomplished nearly three ago.

Following the latest milestone, crypto enthusiasts and experts are very bullish on the digital asset, predicting further upward movement to unprecedented heights in the upcoming months.

Bitcoin Super Cycle Area Set At $80,0000

Cryptocurrency analyst Doctor Profit has shared a positive forecast for BTC with the crypto community on the social media platform X. His analysis, tagged “Big Sunday Report,” delves into the next step that BTC is expected to take amid the general market optimism.

Doctor Profit’s projection is based on Technical Analysis (TA), Life-Cycle-Assessment (LCA), and Psychological analysis. Drawing attention to a previous forecast, Doctor Profit stated that a breakout above $48,500 would send the price “all the way to the old ATH very quickly.”

Interestingly, this took place in a matter of weeks, at a swift pace. He highlighted that the breakout, which sent Bitcoin to exactly $60,000 as predicted weeks earlier, signaled the start of the “Golden bull phase.”

Bitcoin

According to the analyst, any movement in the range of “$48,500 to $70,000” right now is considered to be in the golden bull market. Meanwhile, “anything above $72,000” marks the beginning of the “Super Cycle Phase,” indicated by “significant green candle returns and surges.”

The expert is confident that before the asset goes higher, it will maintain a “movement inside the golden bull and super cycle.” Specifically, these sideways movements will go on for a while, primarily between “$60,000 (Golden Bull area) and $80,000 (Super Cycle area).”

Doctor Profit noted that the movement is not because Bitcoin seems weak or needs to be corrected. Instead, its rally was very swift making it difficult for big market cap altcoins to keep up with the crypto asset.

Despite Bitcoin reaching a new peak, major altcoins like ETH, BNB, or SOL still have not been able to record significant inflows, suggesting a pending activation of a robust altcoin market.

BTC To Move In Four Phase In This Bull Cycle

So far, Doctor Profit expects Bitcoin to move in four distinct phases in this upcoming bull run. The experts underlined the first aspect, “signifying the conclusion of the bear market,” was between $16,000 and $25,000.

He explains that the next phase, the “pre-bull market,” comprises two aspects. According to the analyst, the initial pre-bull step opened up “between $25,000 and $38,500,” while the second stretched between “$38,000 to $48,000.”

Meanwhile, from “$48,000 to $70,000 is when the golden bull phase began.” This, he expects, to lead to the Super Cycle area that will “last from $72,500 to unprecedented levels.”

Currently, the price of Bitcoin has increased by over 3% in the last 24 hours, trading at $72,139. Its trading volume and market cap are also showing strength, rising by 78% and 3% respectively.

Bitcoin

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BNB Price Zooms 10%, Here Are Next Possible Barriers For Bulls

BNB price is gaining bullish momentum above the $450 resistance. The price is signaling a strong uptrend and might soon surpass the $500 resistance.

  • BNB price is showing bullish signs above the $450 resistance level.
  • The price is now trading above $465 and the 100 simple moving average (4 hours).
  • There was a break above a connecting trend line with resistance at $430 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could continue to rise toward the $500 resistance zone or even $520.

BNB Price Extends Rally

In the last BNB price prediction, we discussed the chances of more gains above the $400 resistance zone. The bulls did remain active and were able to push the price above the $400 level.

BNB is now outperforming Bitcoin and Ethereum with a move above the $450 resistance. There was a break above a connecting trend line with resistance at $430 on the 4-hour chart of the BNB/USD pair. It is up over 10% today and trading above $470.

A high was formed near $478 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $364 swing low to the $478 high.

The price is now trading above $465 and the 100 simple moving average (4 hours). Immediate resistance is near the $475 level. The next resistance sits near the $488 level. A clear move above the $488 zone could send the price further higher.

BNB Price

Source: BNBUSD on TradingView.com

In the stated case, BNB price could test $500. A close above the $500 resistance might set the pace for a larger increase toward the $520 resistance. Any more gains might call for a test of the $542 level in the coming days.

Dips Supported?

If BNB fails to clear the $475 resistance, it could start a downside correction. Initial support on the downside is near the $4620 level.

The next major support is near the $450 level. The main support sits at $420 or the 50% Fib retracement level of the upward move from the $364 swing low to the $478 high. If there is a downside break below the $420 support, the price could drop toward the $400 support. Any more losses could initiate a larger decline toward the $380 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $460, $450, and $420.

Major Resistance Levels – $475, $500, and $520.

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BNB Price Starts Its Journey Toward $500, Why Dips Turned Attractive

BNB price is gaining bullish momentum above the $350 resistance. The price looks set for more gains above the $400 resistance in the near term.

  • BNB price is showing bullish signs above the $365 resistance level.
  • The price is now trading above $375 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support at $380 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could continue to rise toward the $400 resistance zone or even $422.

BNB Price Extends Increase

In the last BNB price prediction, we discussed the chances of more gains above the $365 resistance zone. The bulls did remain active and were able to push the price above the $375 level.

BNB outperformed Bitcoin and Ethereum with a move above the $380 resistance. A high was formed near $390 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $345 swing low to the $390 high.

The price is now trading above $375 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $380 on the 4-hour chart of the BNB/USD pair.

BNB Price

Source: BNBUSD on TradingView.com

Immediate resistance is near the $390 level. The next resistance sits near the $392 level. A clear move above the $392 zone could send the price further higher. In the stated case, BNB price could test $400. A close above the $400 resistance might set the pace for a larger increase toward the $422 resistance. Any more gains might call for a test of the $500 level in the coming weeks.

Dips Supported?

If BNB fails to clear the $390 resistance, it could start a downside correction. Initial support on the downside is near the $380 level and the trend line.

The next major support is near the $362 level or the 61.8% Fib retracement level of the upward move from the $345 swing low to the $390 high. The main support sits at $350. If there is a downside break below the $350 support, the price could drop toward the $335 support. Any more losses could initiate a larger decline toward the $315 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $380, $362, and $350.

Major Resistance Levels – $390, $400, and $422.

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Aave Joins Binance’s BNB Chain Ecosystem – Here’s How Users Benefit

In a significant development for the Binance Smart Chain (BSC) ecosystem, Aave (AAVE), one of the largest decentralized finance (DeFi) market protocols, has announced its integration with BNB Smart Chain. Aave joins prominent projects such as Uniswap, Ambit Finance, PancakeSwap, and Lista DAO.

BNB Chain Welcomes Aave

According to the announcement, this latest development opens up new opportunities for BNB Chain users, giving them access to what the protocol calls “top-tier lending platforms” and enhanced liquidity.

With the launch of First Digital USD (FDUSD), users can now leverage “robust” liquidity, allowing them to explore different applications and opportunities in the Binance ecosystem.

BNB

On the other hand, Aave users can now benefit from BNB Chain’s fees and the ability to integrate with one of the largest DeFi ecosystems, fostering increased collaboration between the two communities. The announcement also noted the following about the Aave integration:

This not only complements but strategically aligns with BNB Chain’s 2024 outlook. Focused on mass adoption, high-frequency DeFi applications, and network efficiency improvements, the ecosystem is set for an exciting evolution.

2024 Goals

Looking ahead, BNB Chain has set numerous goals for 2024. The introduction of opBNB – the Layer 2 (L2) scaling solution for the BNB Smart Chain – aims to achieve a transaction processing capacity of 10,000 transactions per second (TPS) by doubling the gas limit to 200 M/s.

Enhanced security measures accompany this increase in capacity through multi-proof mechanisms. In addition, implementing Ethereum’s EIP4844 and Greenfield’s data availability upgrades will reduce gas fees by 5-10 times, providing users with a more cost-effective experience.

In a move called “BNB Chain Fusion,” the BNB Beacon Chain will be merged with the BSC, further enhancing the efficiency and security of the network. The expansion of the number of validators, which will increase from 40 to 100 by 2024, is also expected to contribute to the stability of the network.

Market Cap And Token Holders On The Rise

According to Token Terminal data, the BNB chain has experienced significant growth, evidenced by several key metrics.

One notable metric is the fully diluted market cap, which stands at $75.71 billion, representing a significant increase of 23.9% over the past 30 days, highlighting the confidence in the protocol. 

The circulating market cap, another crucial indicator, currently sits at $54.73 billion, showing a solid 11.6% growth over the same 30-day period. 

BNB

On the other hand, the number of BNB token holders has shown a positive trend, reaching 113.51 million, with a significant increase of 3.5% in the last 30 days, demonstrating interest in the ecosystem.

Featured image from Shutterstock, chart from TradingView.com

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BNB Price Surges Over 5%, Why Bulls Could Aim For $400 In Feb 2024

BNB price is gaining bullish momentum from the $315 support zone. The price could extend its rally above $375 and rise toward the $400 level in the near term.

  • BNB price is showing bullish signs above the $350 pivot level.
  • The price is now trading above $355 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support at $354 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could gather bullish momentum if there is a close above the $365 resistance zone.

BNB Price Regains Strength

In the past few days, BNB price started a decent increase and cleared the $335 resistance zone. There was a move above the $350 level to move into a positive zone, like Bitcoin and Ethereum.

The price even spiked above $365. A high was formed near $366 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $315 swing low to the $366 high. BNB is now trading above $355 and the 100 simple moving average (4 hours).

There is also a key bullish trend line forming with support at $354 on the 4-hour chart of the BNB/USD pair. Immediate resistance is near the $365 level.

BNB Price

Source: BNBUSD on TradingView.com

The next resistance sits near the $375 level. A clear move above the $375 zone could send the price further higher. In the stated case, BNB price could test $388. A close above the $388 resistance might set the pace for a larger increase toward the $400 resistance. Any more gains might call for a test of the $420 level.

Dips Supported?

If BNB fails to clear the $365 resistance, it could start a downside correction. Initial support on the downside is near the $355 level and the trend line.

The next major support is near the $342 level or the 50% Fib retracement level of the upward move from the $315 swing low to the $366 high. The main support sits at $335. If there is a downside break below the $335 support, the price could drop toward the $322 support. Any more losses could initiate a larger decline toward the $315 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $355, $342, and $335.

Major Resistance Levels – $365, $375, and $388.

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BNB Price Increase To Continue? This Resistance Could Trigger Fresh Rally

BNB price is attempting a fresh increase from the $288 zone. The price could start a fresh rally if there is a clear move above the $310 resistance.

  • BNB price is showing bullish signs above the $300 pivot level.
  • The price is now trading below $310 and the 100 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $306 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair gather bullish momentum if there is a close above the $308-$310 resistance zone.

BNB Price Eyes Fresh Rally

In the past few days, BNB price started a decent increase and cleared the $300 resistance zone, unlike Bitcoin and Ethereum. There was a move above the $305 level before the bears appeared.

A high was formed near $313 and the price recently started a downside correction. There was a move below the $308 level. The price declined below the 50% Fib retracement level of the upward move from the $287 swing low to the $313 high.

BNB is now consolidating near $305 and the 100 simple moving average (4 hours). Immediate resistance is near the $308 level. There is also a key bearish trend line forming with resistance near $306 on the 4-hour chart of the BNB/USD pair.

BNB Price

Source: BNBUSD on TradingView.com

The next resistance sits near the $310 level. A clear move above the $310 zone could send the price further higher. In the stated case, BNB price could test $320. A close above the $320 resistance might set the pace for a larger increase toward the $335 resistance. Any more gains might call for a test of the $350 level.

Another Decline?

If BNB fails to clear the $310 resistance, it could continue to move down. Initial support on the downside is near the $300 level. The next major support is near the $292 level or the 76.4% Fib retracement level of the upward move from the $287 swing low to the $313 high.

The main support sits at $288. If there is a downside break below the $288 support, the price could drop toward the $275 support. Any more losses could initiate a larger decline toward the $262 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $300, $292, and $288.

Major Resistance Levels – $308, $310, and $320.

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Will BNB Continue To Drop Or Bounce Back To Create A New All-Time High?

BNB, the native token of the Binance Smart Chain, experienced a drop on Friday, showing a huge red candlestick after opening at around $305 and moving downward toward $297.93.

This downward move began with a rejection at $312.53 on Wednesday, thereby creating resistance at the same level. At the time of writing, the price still shows strong signs of moving downward to its previous support level of $300.

If this support level is unable to hold, then the price might continue downward to the next support level at $263.93. But, if the support does hold, we might see the price bounce back and move upward to create a new high for the year. However, the price is still above the 100-day moving average, which is usually a bullish sign for the price.

Technical Indicators Point Toward Sustained Downtrend For BNB

To figure out where the BNB price might be headed next, several indicators can be used to examine the chart;

4-Hour MACD: We can see that the histogram is below the zero line, thereby suggesting a downward trend.

BNB

   SOURCE: Tradingview

We can also see that the MACD line has crossed below the signal line, pointing toward a sustained bearish trend.

1-Day MACD: From the daily chart, we can confirm that both the MACD line and signal line have crossed and are heading toward the zero line, while the histogram is already below the zero line, indicating further downward movement.

Binance Coin price

  SOURCE: Tradingview

4-Hour Alligator Using the alligator indicator to examine the chart on the 4-hour timeframe, we can see that the jaw, the teeth, and the lips are all facing downward and are separated from each other. This has historically been a bearish signal and suggests further downward momentum.

Alligator

   SOURCE: Tradingview

1-Day Alligator: Also, looking at the alligator indicator from the daily chart, it can be seen that the alligator lip [green line] and the teeth [red line] are showing signs of cross over the jaw [blue line], suggesting a downward movement

 SOURCE: Tradingview

BNB

Final Thoughts

Although the MACD and the Alligator are popular indicators, it should be noted that they are not infallible, and traders frequently combine them with other technical analysis tools to help them make better trading decisions. 

Furthermore, false signals can happen, particularly in erratic or sideways markets, so it’s critical to take the larger market context into account.

Binance Coin BNB price chart from Tradingview.com

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Binance Sets New Record: Spot Trading Volume Reaches $427 Billion

According to a recent CoinGecko report, Binance, the world’s largest centralized exchange (CEX) by trading volume, has retained its market leadership position in 2023. 

Despite facing increased regulatory scrutiny and undergoing significant leadership changes, Binance maintained a market share of 43.7% and saw its spot trading volume rise to $427.1 billion in December 2023, representing a 37.5% month-on-month (MoM) increase.

Binance Trading Volume Reached $3.8 Trillion In 2023

According to CoinGecko’s report, Binance started the year with a commanding 63.5% market share but experienced a gradual decline throughout 2023, ending with a 43.7% market share in December. 

While Binance still dominated the market with 52.6% of the total spot trading volume in 2023, the exchange’s relative market share decline was notable. In absolute terms, Binance generated $3.8 trillion in trading volume throughout the year.

Binance

As previously reported, Binance faced significant regulatory pressure throughout 2023, culminating in a settlement agreement in November that required the exchange to pay a $4.3 billion fine to the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CTFC) for alleged financial breaches. 

As part of the settlement, Binance’s CEO, Changpeng Zhao (CZ), also agreed to step down. Richard Teng has assumed the role of the company’s head, while CZ remains restricted from traveling outside the jurisdiction of the United States as the legal battle unfolds. 

Upbit And OKX Follow Closely

Upbit, South Korea’s largest cryptocurrency exchange, managed to maintain its position as the second-largest centralized exchange in 2023, with a 9.5% market share and $687.0 billion in spot trading volume for the year.

According to the report, Upbit benefited from the Kimchi Premium, which resulted in strong local demand and premium prices for crypto assets. 

The exchange’s monthly spot trading volume hit a yearly high of $90.7 billion in December, with a 93.5% quarter-on-quarter (QoQ) increase.

Conversely, OKX secured the third position among centralized exchanges in 2023, with a 6.7% market share and $485.9 billion in trading volume. Throughout the year, OKX experienced a steady increase in market share, starting at 5.1% in January and ending at 8.9% in December. The exchange’s trading volume in Q4 reached $177.9 billion, reflecting a notable 151.6% QoQ gain.

Among the top 10 centralized exchanges, CoinGecko reports that MEXC recorded the highest growth in Q4 2023, with trading volume surging by 203.7% to $90.4 billion. 

Bybit followed closely with a growth rate of 162.1% ($107.5 billion), while KuCoin experienced a growth rate of 161.2% ($49.2 billion). KuCoin regained its spot in the Top 10 in Q4 after briefly losing it in Q3, with a market share of 3.3% at the end of December.

Binance

Binance Coin (BNB) has successfully maintained its position above the $300 threshold, with the current trading price standing at $304. This represents a 1.8% decrease in price over the past 24 hours.

Featured image from Shutterstock, chart from TradingView.com 

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Binance Smart Chain (BSC) Market Cap Hits New Milestone, Registering 48% QoQ Surge

Binance Smart Chain (BSC) has demonstrated notable growth in key metrics during the fourth quarter (Q4) of 2023, as highlighted in a comprehensive report by Messari. 

As the third-largest Layer-1 protocol by market capitalization, BSC experienced positive progress across its financial indicators, signaling a productive quarter for the blockchain ecosystem.

Binance Smart Chain Record-Breaking Transactions

The report reveals that BSC’s market capitalization witnessed a 48% quarter-over-quarter (QoQ) surge. This surge reflects renewed interest in BNB (Binance Coin), the native asset of BSC, following two consecutive quarters of decline.

Moreover, BSC’s revenue measured in USD experienced a significant QoQ growth of 27%. This revenue surge, amounting to over $39 million in Q4, indicates increased activity on the protocol and the implementation of various initiatives throughout the year.

Binance Smart Chain

Gas fees burned in BNB, a metric reflecting network activity, also saw a notable QoQ increase of 21%. The rising number of transactions and smart contract interactions contributed to increased gas fees burned, further reinforcing the Binance Smart Chain ecosystem.

In addition to financial metrics, BSC showcased impressive improvements in other areas. The number of active validators increased by 25% QoQ, highlighting growing trust and participation in securing the network. BSC’s commitment to decentralization was evident as the protocol experienced a 54% YoY increase in active validators.

According to Messari, throughout 2023, BSC demonstrated its ability to handle heightened activity while simultaneously reducing costs for users. Daily transactions on the network witnessed a 35% year-over-year (YoY) increase and a 30% QoQ surge, averaging around 4.6 million transactions per day in Q4. 

These spikes in transaction volume were attributed to inscription-related activity, with BSC processing a record-breaking 32 million transactions on December 7, 2023.

BSC’s DeFi Ecosystem Reaches $4.6 Billion TVL

Despite a decline in daily average active addresses and new unique addresses, primarily due to users exploring alternative chains like opBNB, BSC’s on-chain activity remained robust. 

The protocol’s ecosystem of stablecoins, dominated by Tether’s USDT, reached a total value locked (TVL) of $4.6 billion in Q4, showcasing a 33% QoQ increase in Decentralized Finance (DeFi) TVL.

Binance Smart Chain

While Non-Fungible Token (NFT)- related metrics declined in Q4, Binance Smart Chain and Ethereum (ETH) witnessed a resurgence in activity toward the end of the quarter, indicating a potential upward trend in the next market cycle.

Binance Smart Chain

In addition to BSC’s growth, BNB also experienced notable price movements. After a sharp drop, BNB surged from $238 to reach the $338 level. However, it later retraced to $287 following a correction. 

In the past 24 hours, BNB has recorded a growth of 3.7%, pushing its current trading price above $302. 

Featured image from Shutterstock, chart from TradingView.com 

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BNB Price Could See Major Drawdown If It Fails To Stay Above This Support

BNB price started a fresh decline from $320 resistance zone. The price is now retesting the $290 support and is at risk of more downsides.

  • BNB price is gaining bearish momentum from the $320 resistance.
  • The price is now trading below $310 and the 100 simple moving average (4 hours).
  • There was a break below a key bullish trend line with support at $315 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair might continue to move down if it fails to stay above the $290 support.

BNB Price Takes Hit

In the past few days, BNB price made more than three attempts to clear the $320 resistance zone. However, the bears remained active and protected more gains.

As a result, there was a bearish reaction below the $315 level, like Bitcoin and Ethereum. There was a break below a key bullish trend line with support at $315 on the 4-hour chart of the BNB/USD pair. The pair even declined below the $300 level and tested the key support at $290.

A low is formed near $290.3, and the price is now struggling to correct higher. BNB price is now trading below $310 and the 100 simple moving average (4 hours). Immediate resistance is near the $298 level or the 23.6% Fib retracement level of the recent decline from the $320 swing high to the $290 low.

BNB Price

Source: BNBUSD on TradingView.com

The next resistance sits near the $305 level. It is close to the 50% Fib retracement level of the recent decline from the $320 swing high to the $290 low. A clear move above the $305 zone could send the price further higher. In the stated case, BNB price could test $320. A close above the $320 resistance might set the pace for a larger increase toward the $335 resistance. Any more gains might call for a test of the $350 level.

More Downsides?

If BNB fails to clear the $305 resistance, it could continue to move down. Initial support on the downside is near the $290 level.

The next major support is near the $285 level. The main support sits at $272. If there is a downside break below the $272 support, the price could drop toward the $250 support. Any more losses could initiate a larger decline toward the $220 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $290, $285, and $272.

Major Resistance Levels – $298, $305, and $320.

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Binance Coin (BNB) Blasts Off: 10% Gain Sparks $350 Price Predictions

In the volatile world of cryptocurrencies, Binance Coin (BNB) has emerged as a strong contender, decoupling from the market’s recent downturn. While other digital assets fell, BNB showcased resilience, demonstrating a price surge towards a critical level that could dictate its future trajectory in the days to come.

At the time of writing, BNB was trading at $318, reflecting a solid 4% increase over the past seven days. With a market capitalization exceeding $47 billion, BNB’s performance overshadowed its counterparts, capturing the attention of both investors and analysts alike.

Binance Coin On A Strong Ascent

Prominent crypto analyst Crypto Tony recently underscored BNB’s ascent, emphasizing the coin’s trajectory toward a key resistance zone. If BNB manages to breach the $355 level, there is a high likelihood that it could establish this zone as a new support level, bolstering its prospects for further upward movement.

However, the path to higher levels is not without its challenges. A closer examination of BNB’s liquidation heat map reveals a substantial increase in liquidations near $320.

Moreover, several additional resistance zones loom in the near term, acting as potential hurdles on BNB’s journey to $355. These resistance levels include $320, $325, and $340, necessitating careful monitoring to gauge BNB’s ability to surmount them.

To gain further insights into BNB’s potential, a comprehensive analysis of the coin’s daily chart was conducted. The Chaikin Money Flow (CMF), which experienced a slight downtick following a sharp uptick, offers a mixed signal.

Simultaneously, BNB’s Bollinger Bands indicate a shift towards a less volatile zone, suggesting a potential slowdown in price growth. However, the MACD presents a more optimistic outlook, with the possibility of a bullish crossover on the horizon.

Binance Coin RSI Shows Strength

The Relative Strength Index (RSI) for BNB remains high, indicating a continued uptrend in its price. Notably, despite these positive market indicators, bearish sentiment remains dominant in the market, as evidenced by a significant drop in BNB’s weighted sentiment over the past seven days.

This dichotomy between market indicators and sentiment highlights the uncertainty and cautiousness surrounding BNB’s future prospects.

Nevertheless, BNB continues to maintain its popularity within the crypto space, boasting a high social volume. This sustained interest further underscores the coin’s potential and the attention it garners from enthusiasts and investors alike.

As cryptocurrency markets remain highly unpredictable, it is crucial for investors to exercise caution and conduct thorough research before making any investment decisions.

While BNB’s recent performance and positive indicators suggest potential upward movements, the presence of resistance zones and prevailing bearish sentiment warrant careful observation in the days ahead.

Featured image from Shutterstock

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BNB Price Signals Bullish Exhaustion, Are Dips Attractive In Short-term?

BNB price is struggling to clear the $320 resistance zone. It might decline toward the $288 support zone before the bulls aim for another increase.

  • BNB price is struggling to gain traction above the $320 resistance.
  • The price is now trading near $310 and the 100 simple moving average (4 hours).
  • There is a major declining channel or a bullish flag pattern forming with resistance near $316 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair might continue to move up if it stays above the $288 and $282 support levels.

BNB Price Holds Support

After forming a base above the $280 level, BNB price started a decent increase. There was a move above the $305 and $315 resistance levels. However, the bears seem to be active near the $320 zone.

A high was formed near $320 and the price is now correcting gains. However, the downsides are limited compared to Bitcoin and Ethereum. There was a move below the $312 level. The price is now approaching the 50% Fib retracement level of the upward move from the $289.4 swing low to the $320.1 high.

BNB price is now trading near $310 and the 100 simple moving average (4 hours). There is also a major declining channel or a bullish flag pattern forming with resistance near $316 on the 4-hour chart of the BNB/USD pair.

BNB Price

Source: BNBUSD on TradingView.com

Immediate resistance is near the $315 level or the channel region. The next resistance sits near the $320 level. A clear move above the $320 zone could send the price further higher. In the stated case, BNB price could test $340. A close above the $340 resistance might set the pace for a larger increase toward the $350 resistance. Any more gains might call for a test of the $375 level.

More Downsides?

If BNB fails to clear the $315 resistance, it could continue to move down. Initial support on the downside is near the $300 level or the 61.8% Fib retracement level of the upward move from the $289.4 swing low to the $320.1 high.

The next major support is near the $292 level. The main support sits at $288. If there is a downside break below the $288 support, the price could drop toward the $282 support. Any more losses could initiate a larger decline toward the $262 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $300, $292, and $288.

Major Resistance Levels – $315, $320, and $325.

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BNB Quarterly Burning: Over 2 Million Tokens Vanish, Valued At $636 Million

In a recent announcement by Binance, the BNB Foundation declared the successful completion of the 26th quarterly Binance Coin token burn through the BNB Chain. The burn, which included Auto-Burn and the Pioneer Burn Program, eliminated a significant amount of the exchange’s native token from circulation. 

BEP95 Initiative Results In 210K BNB Permanently Burned

During this latest burn event, the Auto-Burn process removed 2,141,487.27 BNB from circulation, equivalent to approximately $636 million in USD. 

It is worth noting that the Auto-Burn mechanism operates independently of Binance’s centralized exchange (CEX), providing an auditable and objective process, according to the exchange’s statement. 

Additionally, the Pioneer Burn Program contributed by removing 1542.15 tokens from circulation. This program permanently eliminates an amount of BNB equal to the provable lost funds of eligible users. 

Since the introduction of BEP95, an estimated 210,000 tokens have been permanently burned under this mechanism. As announced, the Pioneer Burn Program helps maintain the integrity of the ecosystem and ensures that lost funds do not influence the circulating supply.

Furthermore, BNB Chain’s Real-Time-Burn mechanism continuously reduces the token supply. This mechanism enables burning a portion of BNB Chain’s gas fees in real-time, further contributing to the ongoing supply reduction efforts.

Completing the 26th quarterly BNB token burn marks another significant milestone for the BNB ecosystem. The independent Auto-Burn mechanism, combined with the Pioneer Burn Program and Real-Time-Burn mechanism, showcases BNB Chain’s approach to reducing token supply and fostering long-term value. 

Robust User Adoption

In addition to its quarterly token burn, BNB has recently displayed notable strength and progress, as revealed by Token Terminal’s on-chain data. 

With a circulating market cap of $47.86 billion, BNB Chain has experienced a 30.45% increase in market capitalization. This surge in value reflects the growing confidence and demand for the token among investors. 

BNB Chain’s financial metrics are equally impressive. The platform has witnessed a revenue growth of 30.47% over the past 30 days, generating $1.72 million in revenue during this period, as seen in the chart below. 

Binance BNB BNBUSDT

Extrapolating this data to an annualized basis, the chain’s revenue is noteworthy at $20.96 million, reflecting solid financial stability and sustainable growth.

The data from Token Terminal also highlights BNB Chain’s increasing user adoption and developer activity. The platform has seen a surge in active daily users, with a 30-day average of 1.42 million, representing a robust 48.6% growth. 

The Binance Coin price performance has been steady, with a 2.14% decrease over the past 24 hours, while showing a positive trend over more extended periods. 

The token recorded a 4.38% increase in the past seven days, and over the past 30 days, it achieved an impressive growth of 30.51%. Furthermore, BNB’s performance over the past 180 days has been significant, with a growth rate of 29.92%.

BNB

Featured image from Shutterstock, chart from TradingView.com

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BNB’s Liquidity Fell In Q4 2023, Bitcoin, XRP, And Dogecoin Lead

Amidst regulatory scrutiny and leadership changes, Binance Coin (BNB) lost its footing in the liquidity race, slipping to 13th place in Q4 2023, according to Kaiko data on January 11. This surprising development contrasts BNB’s position as the third-largest cryptocurrency by market capitalization, raising questions about its general liquidity.

Dogecoin Flips BNB In Liquidity Rankings

Kaiko’s findings, based on spot trading data from multiple exchanges, revealed that Bitcoin (BTC), Ethereum (ETH), XRP, and Dogecoin (DOGE) emerged as the top four most liquid cryptocurrencies in Q4 2023. 

Q4 2023 token liquidity rankings | Source: Kaiko

Liquidity is a metric that shows how easily a given asset can be traded without significant price impacts. One of the biggest assumptions is that a crypto asset higher up the market cap ranking is more liquid. However, as Kaiko data shows, this is not usually the case, as factors such as exchange listing play a big role.

DOGE flipping BNB in liquidity dynamics may be attributed to a combination of factors, including regulatory concerns surrounding Binance, leadership changes within the company, and the status of Dogecoin. DOGE is the first meme coin, and over the years, it has continued to cement its place as the world’s largest meme coin by market cap despite heavy competition. To illustrate, despite the popularity of alternatives like PepeCoin (PEPE) or Bonk coin (BONK), none has managed to flip DOGE.

Binance Legal Battles, Price Recovers Steadily

In 2023, Binance grappled with legal battles and internal restructuring. In early June 2023, the Securities and Exchange Commission (SEC) filed charges against the exchange, alleging that it had violated securities laws by selling unregistered securities. Additionally, Binance founder and CEO Changpeng Zhao stepped down from his executive role in late Q4 2023, further adding to the exchange’s uncertainty.

Despite its legal troubles, Binance agreed to pay a $4.3 billion settlement with the SEC and other US agencies in late 2023. While this settlement may have eased some regulatory concerns, it is unclear whether it will be enough to restore BNB’s liquidity position. 

Related Reading: Ethereum Classic (ETC) Explodes Over 50% In Massive Price Jump – Here’s Why

So far, looking at the daily chart, BNB has been trending higher, quickly shaking off the weakness of late November 2023. After Changpeng Zhao, the founder, exited as the CEO, BNB prices sharply fell. However, without follow-through and the community remaining optimistic about the platform’s prospects, prices recovered as the broader crypto scene rose, hoping the SEC would approve the first spot Bitcoin ETF.

BNB price trending upward on the daily chart | Source: BNBUSDT on Binance, TradingView

BNB is up 37% from November 2023 lows and is stable, looking at the performance in the daily chart. As a bull flag forms, it is unclear whether the coin will break higher above $340, establishing new 2024 highs or contract following Bitcoin.

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BNB’s Liquidity Fell In Q4 2023, Bitcoin, XRP, And Dogecoin Lead

Amidst regulatory scrutiny and leadership changes, Binance Coin (BNB) lost its footing in the liquidity race, slipping to 13th place in Q4 2023, according to Kaiko data on January 11. This surprising development contrasts BNB’s position as the third-largest cryptocurrency by market capitalization, raising questions about its general liquidity.

Dogecoin Flips BNB In Liquidity Rankings

Kaiko’s findings, based on spot trading data from multiple exchanges, revealed that Bitcoin (BTC), Ethereum (ETH), XRP, and Dogecoin (DOGE) emerged as the top four most liquid cryptocurrencies in Q4 2023. 

Q4 2023 token liquidity rankings | Source: Kaiko

Liquidity is a metric that shows how easily a given asset can be traded without significant price impacts. One of the biggest assumptions is that a crypto asset higher up the market cap ranking is more liquid. However, as Kaiko data shows, this is not usually the case, as factors such as exchange listing play a big role.

DOGE flipping BNB in liquidity dynamics may be attributed to a combination of factors, including regulatory concerns surrounding Binance, leadership changes within the company, and the status of Dogecoin. DOGE is the first meme coin, and over the years, it has continued to cement its place as the world’s largest meme coin by market cap despite heavy competition. To illustrate, despite the popularity of alternatives like PepeCoin (PEPE) or Bonk coin (BONK), none has managed to flip DOGE.

Binance Legal Battles, Price Recovers Steadily

In 2023, Binance grappled with legal battles and internal restructuring. In early June 2023, the Securities and Exchange Commission (SEC) filed charges against the exchange, alleging that it had violated securities laws by selling unregistered securities. Additionally, Binance founder and CEO Changpeng Zhao stepped down from his executive role in late Q4 2023, further adding to the exchange’s uncertainty.

Despite its legal troubles, Binance agreed to pay a $4.3 billion settlement with the SEC and other US agencies in late 2023. While this settlement may have eased some regulatory concerns, it is unclear whether it will be enough to restore BNB’s liquidity position. 

Related Reading: Ethereum Classic (ETC) Explodes Over 50% In Massive Price Jump – Here’s Why

So far, looking at the daily chart, BNB has been trending higher, quickly shaking off the weakness of late November 2023. After Changpeng Zhao, the founder, exited as the CEO, BNB prices sharply fell. However, without follow-through and the community remaining optimistic about the platform’s prospects, prices recovered as the broader crypto scene rose, hoping the SEC would approve the first spot Bitcoin ETF.

BNB price trending upward on the daily chart | Source: BNBUSDT on Binance, TradingView

BNB is up 37% from November 2023 lows and is stable, looking at the performance in the daily chart. As a bull flag forms, it is unclear whether the coin will break higher above $340, establishing new 2024 highs or contract following Bitcoin.

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BNB Price Prediction – Why Bulls Could Aim Fresh Rally To $350

BNB price is holding gains above the $300 pivot level. It is showing positive signs and might rally toward the $350 resistance zone.

  • BNB price is moving higher above the $300 resistance.
  • The price is now trading near $310 and the 100 simple moving average (4 hours).
  • There is a key declining channel or a bullish flag pattern forming with resistance near $325 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair might continue to move up if there is a clear move above $315 and $325

BNB Price Aims Higher

After a major increase, BNB price faced resistance near the $340 zone. The price started a downside correction and recently tested the $290 zone. A low was formed near $289, and the price is now attempting a fresh increase, like Bitcoin and Ethereum.

There was a move above the $295 and $300 levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $332 swing high to the $289 low. BNB is now trading near $310 and the 100 simple moving average (4 hours).

The current price action is positive and signals more upsides. Immediate resistance is near the $315 level. It is close to the 61.8% Fib retracement level of the downward move from the $332 swing high to the $289 low.

The next resistance sits near the $322 level. There is also a key declining channel or a bullish flag pattern forming with resistance near $325 on the 4-hour chart of the BNB/USD pair. A clear move above the $225 zone could send the price further higher.

BNB Price

Source: BNBUSD on TradingView.com

In the stated case, BNB price could test $340. A close above the $340 resistance might set the pace for a larger increase toward the $350 resistance. Any more gains might call for a test of the $375 level.

Downside Correction?

If BNB fails to clear the $322 resistance, it could start a downside correction. Initial support on the downside is near the $300 level.

The next major support is near the $292 level. The main support sits at $288. If there is a downside break below the $288 support, the price could drop toward the $262 support. Any more losses could initiate a larger decline toward the $250 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $300, $292, and $288.

Major Resistance Levels – $315, $322, and $325.