Binance Coin Price Prediction – Will BNB Price Hit $700 in 2022?
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- Bullish Binance price prediction ranges from $229.7 to $666.5.
- BNB price might also reach $700 soon.
- BNB bearish market price prediction for 2022 is $184.1.
This Binance Coin (BNB) Price Prediction article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our BNB price analysis and prediction.
Binance Coin (BNB) is one of the digital assets in the crypto market that does not need much introduction. In the past 24 hours, BNB has been performing well in terms of market growth rate and market capitalization.
Furthermore, Binance announced its first-ever auto-burn last quarter. The platform burned a total number of 1,684,347.11 BNB coins, which is equal to $364.73 million at the present rate of $216.54. This event was performed to maintain healthy token circulation and slow down possible inflation rates.
But will Binance be a good investment in 2022? Or will its story be like how most Initial Coin Offerings (ICOs) ended after the 2017 bull run? Let’s find out in this CoinQuora BNB price analysis and Binance price prediction 2022.
What is Binance (BNB)?
In July 2017, Binance was launched which is the biggest crypto exchange worldwide based on daily trading volume worth over $70 billion according to CoinMarketCap. Binance aspires to be the leading global exchange of cryptocurrency. Binance’s name stands for a new paradigm in global finance, Binary Finance, Future trading, and margin trading.
Binance exchange is the largest cryptocurrency exchange worldwide, Binance offers a host of functionalities to its users. The Binance network consists of the Binance Chain, Binance Smart Chain, Binance Academy, Binance Launchpad, Trust Wallet, and Research projects, which all leverage blockchain technology to create new-age finance. Binance Coin is critical to many of the sub-projects on Binance’s platform.
Now that we have an idea about Binance Coin, do you think BNB will be profitable crypto in 2022? Or, are you curious to find out? Join me and let us see the charts in this BNB price analysis and BNB price prediction.
Binance Coin (BNB) Current Market Status
As of the time of writing this Binance technical analysis, BNB trades at $216.54 with a 24-hour trading volume of $1,140,129,779. The price of BNB has decreased by 3.5% in the last 24 hours.
Furthermore, BNB has a current circulating supply of 163,276,974.63 BNB which is 99% of its total supply. Currently, the top crypto trading platforms for BNB are Binance, FTX, Huobi Global, Mandala Exchange, Gate.io, Kucoin, and CoinTiger.
Now, let’s proceed to the next part of this BNB technical analysis for 2022.
Binance Coin (BNB) Price Analysis 2022
Would the recent development and changes in the BNB’s blockchain help the cryptocurrency price to grow higher? Let’s take a look into the charts in this BNB price article.
Keltner channel is a technical analysis indicator that is used to determine trend directions by measuring the volatility above or below the candlesticks. From the Keltner Channel signals for BNB/USDT, we can deduce that the price of Binance Coin (BNB) might get bullish in some days since the price is in the first half of the channel from the bottom. However, in the long-term, the price might get bullish since top cryptocurrencies like Bitcoin and Ethereum are already getting bearish from the recent bullish run.
The Relative Strength Index (RSI) measures the relative momentum in the magnitude of recent price changes so as to deduce oversold or overbought assets. The RSI value of 1 Day chart is 32.68. This shows that BNB is showing a strong trend since it is between 30 and 50. This value is triggering a bullish run since more buyers are repositioning as the value is moving further from the 30 RSI value which is the oversold region.
From the chart above, the 200-MA is above the 100-MA which means that long-term investors would gain. However, since the gap between the two moving averages is wide and both moving averages are above the recently formed candlestick, the next bullish run might be long.
Binance Coin (BNB) Price Prediction 2022
The chart below shows that Binance Coin (BNB) price has decreased in the past few days. Moreover, the BNB price is down by 2.9% in the last 7 days. If this trend reverses, BNB might run bullish, breaking its $229.7 price at resistance1 level and pushing higher to $666.5 at resistance8, the 2022 bullish signal.
Conversely, if investors go along with the crypto market, the bears might take over and dethrone BNB from its gains. In simpler terms, the price of BNB might plummet to almost $184.1, a bearish signal.
Meanwhile, our long-term Binance Coin (BNB) price prediction for 2022 is bullish. It has a high possibility of surpassing its current all-time-high (ATH) at about $690.93 according to CoinMarketCap this year. Moreover, BNB can hit ATH only if it breaks many previous psychological resistances.
If this bullish trend continues, Binance will reach $666.5 by the end of 2022. Moreover, the first half of 2022 is going to show slow growth, up to $229.7. Then this rise will be fast, but no major falls are expected. With upcoming, partnerships, and developments reaching $700 is quite optimistic in the price point of view but undoubtedly feasible for the near future.