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Binance Coin Price Prediction: From $452 to $189.2; What’s next for BNB Price in 2023?

Binance Coin Price Prediction: From $452 to $189.2; What’s next for BNB Price in 2023?

Key Takeaways:

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

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