Why is BNB Price Up?

Crypto analyst Captain Faibik offered up a bullish outlook on major exchange token Binance Coin (BNB), asserting fresh all-time highs are on the horizon in early 2024 as momentum builds behind the Binance ecosystem.

Recent fundamental developments look supportive, with Binance tokenizing a basket of liquid staking derivatives (ASX) and making that asset tradable against BNB. Expanding crypto investment offerings broadens the use cases and utility of holding BNB.

Technically, as highlighted by altFINS, BNB staged a decisive breakout above its 200-day moving average as well as formidable resistance in the $260 area that had capped price action the past six months. That breach helped confirm the resumption of BNB’s core bullish trend across timeframes.

The sharp pop opens the door for measured upside toward the $300 mark in the first take. Captain Faibik expects the breakout to fuel increasing momentum through the first half of 2024, likely culminating with fresh record highs for Binance Coin.

Source: altFINS – Start using it today

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As the native token of the world’s leading centralized exchange, BNB enjoys deep liquidity and reflects the prevailing sentiment across crypto markets. With volume and volatility resurfacing recently as Bitcoin consolidates, demand for trading and speculation benefits BNB disproportionately during rallies.

While some momentum deterioration has surfaced following BNB’s initial spike, as long as $260 holds as support, the technical posture remains promising. With retail euphoria still lacking during this nascent upswing, conditions align for tremendous BNB upside ahead if risk appetite continues improving in 2023.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!