TLDR
BNB price is recovering from the $500 support zone and showing positive signs.
There’s a rising channel forming with resistance at $528 on the hourly chart.
BNB price could potentially reach $541 by the end of 2024.
Binance remains the largest centralized crypto exchange by volume.
The Total Value Locked (TVL) of Binance Smart Chain (BSC) has decreased but remains the third largest in the DeFi industry.
The cryptocurrency market has seen its share of ups and downs in recent months, and Binance Coin (BNB) is no exception. After a period of decline, BNB price is showing signs of recovery, sparking interest among investors and analysts alike.
According to recent market data, BNB price has begun to climb from its $500 support zone. This upward movement has caught the attention of traders, who are now watching for potential breakout points. Technical analysis reveals a key rising channel forming on the hourly chart, with resistance noted at the $528 level.
While short-term fluctuations are common in the crypto market, some analysts are looking at longer-term projections for BNB.
Current predictions suggest that BNB price could potentially reach a maximum of $541 by the end of 2024. However, it’s important to note that cryptocurrency prices are highly volatile and subject to rapid changes based on various market factors.
Binance, the company behind BNB, continues to hold its position as the largest centralized cryptocurrency exchange by trading volume. This status plays a significant role in supporting the value and utility of BNB within the broader crypto ecosystem.
One area of particular interest is the performance of Binance Smart Chain (BSC), the blockchain network associated with Binance.
BNB Price on CoinGecko
While BSC has seen a decrease in its Total Value Locked (TVL) from its all-time high of $44.09 billion, it still maintains a strong position in the decentralized finance (DeFi) sector. Current data shows BSC’s TVL at $6.533 billion, making it the third-largest player in the DeFi industry.
Despite the decrease in TVL, BSC continues to process a significant daily volume of transactions. Reports indicate a daily volume of $785.63 million, demonstrating ongoing activity and interest in the network.
The performance of BSC is closely tied to the value and utility of BNB, as the coin is used for various functions within the Binance ecosystem. As such, the continued activity on BSC could be seen as a positive indicator for BNB’s long-term prospects.
Looking ahead, market observers are keeping a close eye on several key levels for BNB price. On the upside, the $535-$538 range is seen as a significant resistance zone. A clear move above this level could potentially open the way for further gains, with some analysts pointing to $550 as the next major target.
If BNB fails to break above the $535 resistance, it could face a pullback. Key support levels to watch in this case include $520, $518, and $508. A break below these levels could potentially lead to a test of the $500 support or even lower.
The post BNB Price Recovers from $500 Support: Analysis and Projections appeared first on Blockonomi.