How High BNB Price Can Go In May?
BNB has exhibited a speedy recovery in the last few days, as the token touched the $630 mark just yesterday. The altcoin was trading at a low of $570 on the 20th, but now it’s trading around $619 after a slight decline. The BNB price breakout yesterday despite the exchange’s legal issues in the USA and Nigeria, clarifying the demand for this cryptocurrency.
In this blog, let us discuss the reasons behind this BNB price rise and how high it can go before the month ends.
Why BNB Price Is Rising?
BNB is among the top five cryptocurrencies for its high market cap and is the native token of Binance exchange, the biggest centralized exchange. With the already preferred altcoin, the greedy sentiments of the crypto market have helped boost the BNB price. However, two more prominent factors are after this surge, including the Binance network development updates and the Ethereum ETF hype in the market.
Introduction of WOTD Game
Binance’s educational initiative, Word of the Day (WOTD) games, is a trending top in the crypto market. It offers crypto vocabulary and updates on market developments to the participants. The game is live until the 26th of May, and the crypto user will share a 500,000 Binance Points pool. Moreover, these points are easily redeemable for various crypto rewards. Moments after the latest notification, the BNB price has an upsurge, and the continuation of the game is helping the BNB token by increasing its demand.
Ethereum ETF Results Hyping The Market
After months of strong rejection odds hovering over the Ethereum Spot ETF, Bloomberg analysts have predicted very positive news, bringing the greedy sentiment in the market. In an X post, the Bloomberg ETF analyst James Seyffart predicted a 75% odds of the approval based on the current SEC’s hints for the result day.
Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they’d be denied). See… https://t.co/gcxgYHz3om
— Eric Balchunas (@EricBalchunas) May 20, 2024
Moments after this prediction, the Ethereum price began to rise, continuing even now. The effect of the Ethereum surge is also on other cryptocurrencies, including BNB.
How High BNB Price Will Rise?
With the expectation of the Ethereum ETF approval this Thursday, the investors are also expecting a surge in BNB price as well. However, the probability of the rejection can also smash the BNB price from the current high to the $550. With that, the traders have deployed $60M leverage long positions in the derivatives market at the $548.6 price mark.
Right now, both the bulls and bears are active, where the bulls pushing the buying to reach resistance, but the bears increasing the selling to find support. Moreover, the BNB price charts exhibit an asymmetrical triangle pattern, indicating lower highs and higher lows. As a result, BNB’s price may target a high of $650, but the correction can push the value down to $600.
The post How High BNB Price Can Go In May? appeared first on CoinGape.
