Key Takeaways:
- Binance Coin has also maintained a significant bearish trend, unlike many others which was highly influenced by many external factors.
- The price is constantly trying to break above the bearish captivity but all the efforts appear to be going in vain.
- The long-term forecast is pretty bullish which may lead a gigantic rally to form new ATH in the next couple of years.
- The BNB price closed the previous day’s trade at $272.2 with a market capitalization of $43.17 billion and a circulating supply of 159.96 billion BNB tokens.
Binance Coin Price History: 2022 Year in Review
| Month | BNB Price | % Change |
| Jan | $377.85 | -30.04% |
| Feb | $360.28 | -3.81% |
| March | $442.86 | +20.02% |
| April | $393.00 | -9.73% |
| May | $321.72 | -19.83% |
| June | $219.39 | -31.45% |
| July | $293.92 | +37.83% |
| August | $281.46 | -6.61% |
| Sept | $283.83 | +1.90% |
| October | $313.67 | +20.83% |
| November | $295.55 | -15.25% |
| December | $272.24 | -13.29% |
This is How Binance Coin Price Performed in 2022
Source: Tradingview
Binance Coin Price underwent a gigantic bull run in 2021 by rising more than 1300% to mark the highs around $690. However, as the market slides under the bearish trap, the price also plunged hard to hit the rock-bottom level. Multiple factors led to this drastic drop which included a couple of fallouts of crypto platforms which created immense FUD. The bulls and the whales continue to remain largely skeptical.
The BNB price marked the lowest point below $200 in mid-2022 and rebounded finely since then. The token maintained a constant higher high and low pattern and despite a couple of rejections, continues to maintain enough strength required to break above the pivotal trend line and ignite a firm upswing in the near future.
Binance Coin Price Prediction 2022 – 2023
Source: Tradingview
Ever since the BNB price ignited a strong bull rally, the price has been trading within a symmetrical triangle which is considered a decisive pattern carrying both the possibility of a surge and plunge. Woefully, the BNB price is testing the lower support region and hence signals the possibility of breaking down the pattern soon.
The yearly close is very close and hence the cryptos tend to become extremely volatile and deviate along with volume induced. Therefore, a higher chance of the price testing the 2022 lows emerges which may trigger a significant upswing at the beginning of 2023. With a rebound, the price may inflate and reclaim the lost levels to reach close to its ATH.
Read more: Top Crypto Price Prediction 2023
Binance Coin Price Prediction 2023 – 2024
Source: Tradingview
The Binance Coin price maintained its trade along the ascending trend line which acted as a strong support throughout the bull-bear market. Despite a drastic price plunge, multiple times, the price bounced off these levels each time. Hence the token is expected to undertake minor swings towards the north but may continue to test the lower trend line ahead. During the first half of 2023, the price targets for the BNB price may be to reclaim the levels above $500.
If these levels sustain, the upcoming rally could get intensified and head towards the levels very close to ATH. The bear who appears to have captivated these levels above $650, could hinder the progress, but after a notable consolidation, the price may eventually breakout higher to form a new ATH by the end of 2023. Therefore, igniting the fresh yearly trade of 2024 on a bullish note, the Binance coin price could discover new highs.
Binance Coin Price Prediction 2024 – 2025
Source: Tradingview
With the revival of the bullish trend, somewhere by the end of 2023, the price is expected break above the pivotal resistance around 0.618 FIB levels and reach $600. After a minor bearish action, the BNB price is expected to undergo a strong upswing to form a new ATH beyond $700, hitting 1.0 FIB levels in the H2 2024. As the trade approaches the end of 2024, the intensity of a the bullish wave may intensify which may enable the price to test the higher FIB levels ahead.
Similar to 2024, 2025 trade also may begin on a bullish note with the price levels heading strongly towards a 4-digit target. Meanwhile, the traders who were trapped close to the ATH during the previous bull rally may extract their profit. Here, it may encounter a minor bearish action, post to which the upwing may continue to reach the desired target of a 4-digit figure, $1000.
Read more: Bitcoin Price Prediction
Overview of Binance Coin On Chain Analysis:
Daily Active Addresses
Source: Santiment
The daily active address(DAA) is the count of addresses that interacted with the platform, in terms of performing any trade, regardless of buy or sell. The DAA determines the activeness of the market participants over the particular network. A rise in DAA indicates the rising interest of the traders, which may keep the token volatile to a large extent, impacting the price in either direction.
However, the DAA has dropped drastically, recording rock-bottom levels at the moment, indicating the interest of the user could be waning. With a revival of a bullish trend, the addresses are also expected to rise, as more addresses may interact with the platform then.
Total Weighted Sentiment
Source: Santiment
The total weight sentiment is an indicator that records the market sentiments irrespectively of whether it is positive or negative. This indicator combines both the sentiments and compares with the frequency of these mentions over the time. A rise in the sentiments indicates the market participants are bullish on the asset and hence the price may also rise as the traders could mount enough buying pressure.
In the present scenario, the sentiments have dropped below the average levels, into the negative zone, indicating the traders are bearish. However, a slight deviation is witnessed in recent times, which may help the price to intensify its bullish trend to reclaim the levels within the positive range.
Whale Distribution
Source: Santiment
The Whale distribution is considered as an important aspect to determine the upcoming trend of the particular token. With a rise in the whale accumulation, the traders also become positive on the upcoming rally that could in turn impact the price to some extent. No doubt the whale accumulation does not uplift the price directly, but may raise the market sentiments surrounding the token.
The BNB whales holding 10K to 100K and 1M to 10M BNB tokens appear to have lost hopes over the bull rally, hence draining a significant share of their holdings. Meanwhile, the whales holding 100K to 1M have surged magnificently, Therefore,
Top Crypto News of 2022 that Impacted BNB Price
- The year began with the conflict between Russia & Ukraine which created huge uncertainintes within the crypto & stock market. Hence both the trading markets collapsed to some extent.
Bitcoin tumbles 8% and other cryptocurrencies crash after Russia attacks Ukraine https://t.co/FmUtE3B4rO
— CNBC (@CNBC) February 24, 2022
- The following drop from$380 to as low as $260 was fueled by the collapse of the Terra Ecosystem and its native tokens LUNA & UST.
today’s attack on Terra-Luna-UST was deliberate and coordinated. Massive 285m UST dump on Curve and Binance by a single player followed by massive shorts on Luna and hundreds of twitter posts. Pure staging. The project is bothering someone. 🌝 on the right path!
— Caetano Manfrini 🔺 (@caemanfrini) May 8, 2022
- Since then, the crypto platforms have been witnessing tougher times as a series of fallouts were registers, the most recent one to be the collapse of a popular exchange FTX!
1) I’m sorry. That’s the biggest thing.
I fucked up, and should have done better.
— SBF (@SBF_FTX) November 10, 2022
- After the FTX fiasco, Binance came up with the Proof-of-Reserve and published its whitepaper. In a recent update, some irregularities were spotted in the PoR reports of Binance and hence a through enquiry is been set up at the moment.
We’re in the process of consolidating funds from deposit addresses to our hot wallet to prepare for the next phase of our POR audit.
As a result, during this time you may notice temporary increases in ETH gas fees and a large number of transactions into #Binance‘s hot wallets.
— Binance (@binance) December 9, 2022
Read more latest crypto updates daily on CoinDCX Blog.