Binance’s BNB token seems to be consolidating at current levels, falling 0.7% in the daily charts but rising 1% over the last week. Moreover, the asset has rallied by 19.8% in the monthly charts and over 87% since April 2023.
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Despite the lackluster performance in the last few weeks, BNB could hit a new all-time high.
Binance’s BNB to hit a new all-time high?
BNB is currently down by 14.8% from its all-time high of $686.31, which it attained in May 2021. However, according to CoinCodex, BNB could reclaim its 2021 peak later this month. The platform predicts Binance’s BNB token to hit $713.04 on Apr. 25, 2024. Reaching $713.04 from current levels would translate to a growth of about 22.07%.
Furthermore, CoinCodex anticipates BNB to rally beyond its 2021 high, hitting $742.77 on Apr. 27, 2024. Hitting $742.77 from current levels would translate to a growth of about 27.16%.
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Changelly also paints a bullish picture for Binance’s BNB token. The platform anticipates BNB to hit $713.58 on Apr. 23, 2024. Furthermore, Changelly predicts BNB will hit a maximum price of $744.33 in April, which it may attain on Apr. 26, 2024. Reaching $744.33 from current levels would translate to a growth of about 27.43%. However, Changelly expects BNB to face a slight correction after hitting $744.33.
The bullish outlook for Binance’s BNB could be due to Bitcoin’s (BTC) halving later this month. BTC could surge to a new peak, thereby triggering a market-wide rally. In such a scenario, other altcoins, like BNB, may surge to new heights.
Moreover, according to a report by CCData, Binance had the most spot and derivative volume in the last three years. The development may have aided in the bullish outlook for the token.