Forecasting Binance Coin's (BNB) Potential ATH in 2024: Supporting Factors
Despite these challenges, BNB has showcased an impressive ability to recover, displaying strong growth and significant upward price trends.
In the last 24 hours alone, BNB has seen a 4.5 percent increase in its value. Over the weekly, bi-weekly, and monthly periods, BNB has demonstrated successive increases of 20, 24, and 38 percent, signaling robust fundamentals and growing investor confidence.
A primary factor driving BNB's success is the increasing usage of decentralized applications (dApps) on the Binance Smart Chain (BSC), which has surged by 12 percent in volume, reaching a value of US$4.83 billion.
With over 5,120 dApps, the BSC ecosystem exhibits significant transactional growth, marking a 12.73 percent increase in the past week. This highlights the continuing demand for BNB as the primary token within the BSC ecosystem.
Comparison with Ethereum shows that BNB excels in several key areas such as contracts, total unique active wallets (UAW), total value locked (TVL) in DeFi, and non-fungible token (NFT) volume. BNB Chain has consistently maintained its top position in recent periods, affirming its growing adoption and usage.
Several analysts, including Captain Faibik, project a potential price surge for BNB, forecasting a new annual peak in the first half of 2024. Chart analysis suggests a potential increase of 171 percent, surpassing the current ATH of US$686. However, this projection requires BNB to overcome several resistance levels.
Currently trading around US$325, BNB has breached several crucial levels like US$315 and US$320. Further analysis indicates that reaching ATH will necessitate BNB to surpass additional macro resistance levels.
However, the crypto market is known for its volatility, so the realization of this forecast still needs observation and is influenced by external factors such as regulations, market sentiment, and technological advancements within the BSC ecosystem.
