Despite all the trouble that prominent cryptocurrency exchange Binance got itself into, its native asset, Binance Coin (BNB), continued to thrive. The altcoin rose to an all-time high of $720 two months ago.
Currently, BNB is 21% below this peak. The asset was trading at $561 at press time, with a 1% drop over the last 24 hours. But unlike the rest of the market, the fourth largest cryptocurrency witnessed a 6.82% rise in the previous seven days.
Also Read: Can Binance Coin (BNB) Reach $1000 in 2024?
BNB’s Futures Market Surge
Amidst this, BNB’s futures market has experienced a notable surge. The trading volume surged by an astounding 127% to $850 million, and open interest grew by 19% to $601 million, data from Coinglass revealed. This massive uptick shows renewed interest in the altcoin.
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Is $700 An Easy Feat For BNB?
While the asset has managed to do it several times over the past months, it isn’t an unattainable task. Data from Changelly revealed that BNB will reach a peak of $650 in September 2024.
However, a bullish boost from the overall market could push the asset beyond this. A prominent analyst confirmed the same.
Analyst Insights
Analyst Jonathan Carter took to X and revealed that Binance Coin is breaking out from a falling wedge. This pattern, formed in the asset’s daily chart, is considered extremely bullish.
In addition, the expert pointed out that he was waiting for the asset to reach the 100-moving average to garner confirmation of the upcoming bullish momentum. The analyst believes that the following targets for the asset are $635 and $715.
Also Read: Ripple (XRP) And Binance Coin (BNB) Price Prediction For August 2024
While most signs look bullish for the asset, the cryptocurrency market can be unpredictable. As a result, BNB’s accurate direction can be uncertain and difficult to predict.