Will BNB Price Recover In June?
Binance Coin (BNB), the native token of the world’s biggest centralized exchange, Binance, has maintained its dominance in the market for seven years. It is the fourth most popular cryptocurrency, with a market capitalization of $86.5 Billion. Moreover, it handles billions of transactions daily, and today’s 24-hour trading volume is $1.6 Billion, which has surged subjectively from earlier. With the increased network activity, BNB price is also rising, where it is currently at $586.71, with a 0.5% recovery from yesterday.
Over the last three years, BNB’s price was more than half of the current and recently peaked, creating the ATH of $720.67 just two weeks ago. However, it has declined by more than 18% since then. And as the market continues to stay bearish, investors are eyeing the BNB price recovery.
Ongoing Developments Might Push BNB Price Higher
BNB network has been implementing some new developments which can put positive pressure on the BNB price. Recently, the network chain has informed users about the big fee deduction on the network through its new update.
Just a few days ago, Binance Chain introduced the ‘BEP 336′ update, which allows the transaction with 90% reduced fees. Many believe that Binance is following the Ethereum footsteps as it also introduced the Duncan upgrade to reduce the gas fees earlier.
BEP 336: Revolutionizing BSC with Blob Transactions
BEP 336 is coming with the Haber hardfork on June 20. Inspired by Ethereum’s EIP 4844, this upgrade introduces “Blob-Carrying Transactions”, revolutionizing data storage and transaction processing.https://t.co/Npe1jJmrOj
— BNB Chain (@BNBCHAIN) June 18, 2024
Other than that, there is also an increase in the BNB’s public GitHub repositories, showing positive signs for future updates. Coinglass has also reported on the BNB’s Funding rate, which is at 0.0020%, a positive value highlighting the bullish sentiment rates among traders.
Based on these, the BNB price might recover once the buying pressure dominates the current price charts.
Technical Indicators Hints At BNB Price Decline
As per the technical indicators and the moving averages, Binance Coin is under strong selling pressure, causing an ongoing decline. The Relative Strength Index, which represents the market trends, is currently at 41.689, pointing at the overselling behavior among investors. STOCHRSI(14) and Williams %R also hinting the same overselling in the market. Moreover, the MACD (12,26) is at -6.75, an indicator of the high selling pressure, with the moving averages leaning towards the same.
Final Thoughts
BNB had a good trend at the beginning of the month, but now the price is moving sideways for days without a breakthrough. Overall, it is in a 6% loss over the month and might continue to move sideways for the remaining days of June because of the trends colliding in the presence of bullish factors and bears. However, if the buying pressure increases amid these developments, the BNB price might surge to $600.
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