Like many other cryptocurrencies, Binance Coin (BNB) remains supported after Bitcoin’s price managed to climb above the coveted $35,000 level on growing speculations around the first Bitcoin ETF approval in the U.S.
According to estimates, the SEC will likely give the green light for the first Bitcoin ETFs before the end of January 2024 but there are still uncertainties that are connected with ethical and security reasons.
BNB has advanced more than 20% since October 12, 2023, raising from $203.1 to a high of $245.2. The current price of BNB stands at $243, and for now, bulls continue to control the price movement. But where is the price of BNB going next, and what can we expect from November 2023?
Today, Crypto Lists will discuss BNB price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
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- 1 BNB maintained its position as the fourth-largest cryptocurrency
- 2 MEME could boost BNB’s value through increased demand
- 3 Technical analysis for BNB
- 4 Important support & resistance levels for BNB
- 5 What speaks for the rise in the BNB price
- 6 What indicates the downfall of BNB
- 7 What do analysts and experts say
BNB maintained its position as the fourth-largest cryptocurrency
BNB is the exchange token of the Binance crypto exchange that was launched on the Ethereum blockchain but later migrated to the Binance Smart Chain, now called BNB Chain. BNB has many other purposes within the Binance ecosystem and has been integrated into various applications and services. BNB is implementing a series of measures, including the reduction of trading fees on the Binance exchange, covering transaction fees on both the BNB Beacon Chain and BNB Smart Chain, and finding applications in games and decentralized applications (DApps) within the BNB Chain ecosystem.
It is important to mention that Binance was sued by the Securities and Exchange Commission (SEC) for allegedly breaching multiple securities laws this year, and billions of dollars have been withdrawn from Binance since then. Both Binance and its founder/CEO Changpeng Zhao have been hit with 13 separate charges and have been accused of operating an unregistered securities exchange and “enriching themselves while placing investors’ assets at risk.”
In addition to these developments, Binance has faced multiple investigations from the U.S. Securities and Exchange Commission throughout the year, and its CEO, C.Z., has been embroiled in a $1 billion lawsuit alleging that he paid celebrities to promote unregistered securities. During the third quarter of 2023, Binance encountered numerous issues, including losing partnerships, shutting down lines of business, and conducting layoffs.
Despite the challenges, BNB maintained its position as the fourth-largest cryptocurrency by market capitalization, with a market cap of $36 billion. BNB’s value saw a significant increase in the last three weeks, drawing the interest of investors and traders, particularly those involved in the speculative perpetual futures market.
MEME could boost BNB’s value through increased demand
Binance’s recent revelation about incorporating Memecoin (MEME) into its Launchpool has generated a significant buzz in the cryptocurrency market and this development is expected to have a positive influence on the valuation of BNB. MEME, originating from the pioneering Web3 project Memeland by 9GAG, holds the promise of introducing new dynamics to the cryptocurrency landscape. Since October 28, 2023, crypto enthusiasts have had the golden opportunity to stake BNB, TUSD, and FDUSD.
Moreover, this month-long staking journey promises users an exclusive chance to acquire MEME tokens. The fundamental link between BNB’s value and this fresh staking opportunity is of utmost importance. With the Binance community having the option to stake their BNB to farm MEME tokens, there’s an implicit demand surge for BNB. Hence, the economic principle of increased demand hints at a potential uptick in BNB’s price.
At the same time, numerous experts within the cryptocurrency industry have expressed a strong likelihood that the SEC will approve a Bitcoin ETF by the end of January 2024, potentially further boosting the cryptocurrency market through increased participation from major institutional investors, particularly hedge funds. The endorsement of these ETFs by the SEC would probably result in a substantial surge in Bitcoin demand, subsequently exerting a favorable impact on various other cryptocurrencies. Upward trends in Bitcoin frequently enhance investor trust, and notable price fluctuations in Bitcoin frequently reverberate across the cryptocurrency market, affecting assets like BNB.
Nonetheless, it’s crucial for investors to bear in mind that cryptocurrency markets are renowned for their extreme volatility. Therefore, investing in cryptocurrencies should be approached with careful consideration. Conducting thorough research and assessing one’s risk tolerance are essential steps before making any investments in this space. In the weeks to come, BNB and the cryptocurrency market will remain significantly influenced by the decisions of the U.S. Securities and Exchange Commission (SEC), alongside concerns of a recession, escalating tensions in the Middle East, and the assertive monetary policies of major central banks.
Technical analysis for BNB
BNB has advanced more than 20% since October 12, 2023, rising from $203.1 to a high of $245.2. The current price of BNB stands at $243 and despite the minor correction, bulls continue to control the price movement. Many analysts say that more investors could purchase BNB in the weeks ahead, and as long the price of BNB is above $230, the price of this crypto remains in the BUY-ZONE.
Important support & resistance levels for BNB
On this chart (the period from June 2023), I marked important support and resistance levels that can help traders understand where the price could move. According to technical analysis, bulls control the price movement of BNB for now, and if the price advances above $250, the next target could be resistance that stands at $270. The important support level is $230, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $220. If the price drops below $220, which also represents strong support, the next target could be located around $200.
What speaks for the rise in the BNB price
The important reason for BNB’s current price surge is that it has been following the growth of Bitcoin, just like the rest of the cryptocurrency market. For the bulls to remain the control of price movement, a move above $250 would be beneficial. Many crypto experts also said that Binance’s recent revelation about incorporating Memecoin (MEME) into its Launchpool is expected to have a positive influence on the price of BNB.
What indicates the downfall of BNB
BNB whales increased their activity over the past several days, which demonstrates renewed interest and confidence in BNB, but investors should keep in mind that cryptocurrency markets are notoriously volatile, and while positive developments can trigger substantial price increases, they also carry potential risks. BNB is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency.
At the same time, the macroeconomic landscape remains uncertain; major central banks continue aggressively fighting inflation by raising interest rates, and risk-on assets such as cryptocurrencies could suffer again in such conditions. The important support level for BNB stands at $230, and if the price falls below this level, the next target could be $220.
What do analysts and experts say
BNB is showing a correlation with Bitcoin and with the rest of the cryptocurrency market and since October 12, this cryptocurrency has surged more than 20%. There is growing optimism in the cryptocurrency community regarding the SEC potentially approving Bitcoin ETF applications and many analysts say that it is looking increasingly likely that a Bitcoin ETF will be approved by early 2024 which should be also positive for BNB. Numerous cryptocurrency experts have also suggested that Binance’s recent announcement regarding the integration of Memecoin (MEME) into its Launchpool is likely to exert a favorable impact on the value of BNB.
With the Binance community having the option to stake their BNB to farm MEME tokens, there’s an implicit demand surge for BNB. Hence, the economic principle of increased demand hints at a potential uptick in BNB’s price. In the upcoming weeks, the price of BNB will also continue to be notably impacted by the actions taken by the U.S. Securities and Exchange Commission (SEC), as well as concerns about a potential economic downturn, increasing tensions in the Middle East, and the proactive monetary strategies of leading central banks.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.