The BNB price is trading at $617 with daily gains of 3.13%, weekly gains of 9.36%, and monthly gains of 9.48%.
The BNB Chain token follows the general upward trend in the price of the main cryptocurrencies, with BTC breaking all-time highs, conquering 77,000 USDETH returning to the $3,000 level and SOL returning to $200.
In this way, the BNB Chain token returns to a key level at 600 USD and the most enthusiastic bullish traders see a path to its all-time high at 710 USD (CoinMarketCap) which we will study in this article.
Although it would be imprecise to say that there are no specific factors that drive this project and at this point we will mention some.
A report from the analysis firm Messari, which we will detail at the end of this article, shows that the BNB Chain Blockchain showed growth in key areas and in the third quarter of this year.
Likewise, important solutions regarding RWA or asset tokenization are coming to the BNB Chain blockchain and they recently reported a collaboration with several important partners in this sector such as Brickken, BitBond, Tokenizer by Allo, Matrixdock and InvestaX.
It should be noted that the tokenization of assets is an important sector that is in full growth, therefore, these collaborations, although they do not directly represent gigantic investments, are an indicator that the BNB Chain still has a large influx of important projects.
BNB Price Analysis: Key Levels
If we carefully observe the price of BNB in the three-month period, it is trading with major resistances above 600 USD. However, the price managed to break through an important level by crossing $612.
So in this bullish context the price could face major resistance at levels like $650 and higher at $689.
$700, despite being an important psychological resistance, does not seem to be a relevant level, although the price could see corrections between $700 and $710.
Regarding important support levels, we can mention $618 and the 20 EMA: the bulls are trying hard to hold that level, although the really important support is likely to be found at $600.
Traders should take into account the sharp fluctuation in BNB price in recent monthsIf you do an analysis of it, you will easily see that the really solid supports are below 550 USD.
The RSI at 51, taking into account the mentioned factors and the current general price context, shows that BNB seems to correct towards neutrality and the bears are fighting to regain control.
BNB Chain reaps fruits of good initiatives
A report from the analysis and research firm Messari shows the growth of the BNB Chain in important key figures.
The information presented comes from a detailed report by Messari, which provided a comprehensive analysis of the status of BNB Chain in the third quarter of 2024.
The report showed important initiatives carried out by this Blockchain, such as the so-called Gas-Free Carnival aimed at stablecoin transactions, the Gas Grants Program initiative and finally the fourth part of the TVL Incentive Program initiative.
Some of the important figures mentioned were:
- For example, the BNB Chain had a slight increase in its Total Value Locked (TVL), which reached $4.85 billion.
- Although the TVL did not show significant increases, growth in the NFT sector did reflect a notable recovery with a 283% increase in transaction volume.
- In the NFT growth figures, it is worth noting that the average number of daily buyers decreased by 53%. However, non-fungible tokens continued to see significant purchases due to increased purchases from large whales.
- Regarding the trading volume of NFTs, it reached $55.2 million per day on average. A figure lower than other networks such as Ethereum and Bitcoin, which registered 120.7 million and 74.6 million dollars in the last 30 days.
The report certainly revealed good numbers for BNB, even though the most pronounced growth in the crypto market did not begin until October.
Do you want to always be updated in the world of cryptocurrencies? Subscribe now to the CriptoTendencia WhatsApp channel! Here you will instantly receive the most relevant information about Bitcoin, Altcoins, DeFi, NFTs, Blockchain and the Metaverse.
Related
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
