On August 18, 2024, Binance’s native token BNB gained a lot of attention from investors and traders due to a remarkable price increase in this ongoing struggling market. According to a coinmarketcap, BNB has seen a price increase of more than 5% in the past 24 hours.
BNB Outperformed BTC and ETH
Thanks to this significant price increase, it has surpassed Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
This massive price surge in BNB occurred after the breakout from the consolidation zone between $498 and $525. With this breakout, BNB has entered an uptrend as it moves above the 200 Exponential Moving Average (EMA) on a daily timeframe.
BNB Price Prediction
Based on the price action and technical analysis, after this breakout, there is a high chance that BNB can surge by 10% towards the $600 level in the coming days. However, this consolidation near the support level indicates a bullishness.
At the time of going to press, BNB is trading around $545 and has seen a price increase of over $5% in the past 24 hours. Meanwhile, its trading volume has dropped by 3% in the same period, indicating lower participation from traders amid the struggling cryptocurrency market.
BNB Outstanding Interest
However, with this breakout, interest among traders and investors is gradually increasing. According to on-chain analytics firm CoinGlass, BNB’s open interest has increased by 8% in the past 24 hours, and by 2.5% and 4.6% in the last hour and the last 4 hours, respectively.
While BNB's price is rising impressively, other major cryptocurrencies including BTC, ETH, and SOL have experienced a price drop of 0.25%, 0.40%, and 0.69% respectively over the past 24 hours.
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