For the past seven years, Binance Coin (BNB), the native token of Binance, the largest centralized exchange in the world, has remained dominant in the market. With a market valuation of $86.5 billion, it is now the fourth most popular cryptocurrency. Additionally, it processes billions of transactions daily, and today’s $1.6 billion 24-hour trading volume is a subjective increase from before. The price of binance coin is growing along with the increased network activity; it is currently at $586.71, up 0.5% from yesterday.
BNB’s price has increased by more than half over the last three years and peaked lately, setting the ATH of $720.67 just two weeks ago. But since then, it has decreased by more than 18%. Investors are also watching the BNB price recovery as the market remains pessimistic.
Current Events Could Increase BNB Cost
New innovations that the Higher binance coin network has been deploying may positively impact BNB pricing. Through a recent upgrade, the network chain notified users about a significant cost reduction on the network.
The “BEP 336” update, which Binance Chain released, permits transactions with 90% lower costs. Since Binance also launched the Duncan update to lower gas fees earlier, many people think it emulates Ethereum.
BEP 336: Revolutionizing BSC with Blob Transactions
BEP 336 is coming with the Haber hardfork on June 20. Inspired by Ethereum’s EIP 4844, this upgrade introduces “Blob-Carrying Transactions”, revolutionizing data storage and transaction processing.https://t.co/Npe1jJmrOj
— BNB Chain (@BNBCHAIN) June 18, 2024
In addition, the number of BNB’s open GitHub repositories has increased, encouraging the following improvements. Additionally, Coinglass has provided data on the binance coin’s funding rate, which is positive at 0.0020% and indicates that traders are generally bullish.
These suggest that once buying pressure takes control of the present price charts, the price of BNB may rise again.
Technical Signs Point To A BNB Price Drop
Moving averages and technical indicators show that Binance Coin is under significant selling pressure, driving the current slump. At 41.689, the Relative Strength Index—a measure of market trends—indicates that investors are engaging in overselling. Williams %R and STOCHRSI(14) allude to the same market overselling. Furthermore, the moving averages point in the same direction as the MACD (12,26), at -6.75, indicating intense selling pressure.
Last Words
Although binance coin saw a firm trend at the start of the month, the price has been meandering sideways for days now with no significant gains. It has lost 6% of its value overall for the month. It may continue to move sideways for the rest of June due to trends interacting with bears and bullish causes. However, the price of BNB could rise to $600 if buying pressure picks up in light of these events.
