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bitcoin
Bitcoin (BITCOIN)
$112,785 -2.46%
ethereum
Ethereum (ETHEREUM)
$4,088 -3.90%
binancecoin
BNB (BINANCECOIN)
$1,204 -5.61%
solana
Solana (SOLANA)
$201.55 -2.90%
ripple
XRP (RIPPLE)
$2.50 -5.19%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000011 -4.72%
pepe
Pepe (PEPE)
$0.000007 -5.43%
bonk
Bonk (BONK)
$0.000016 -4.03%
bitcoin
Bitcoin (BITCOIN)
$112,785 -2.46%
ethereum
Ethereum (ETHEREUM)
$4,088 -3.90%
binancecoin
BNB (BINANCECOIN)
$1,204 -5.61%
solana
Solana (SOLANA)
$201.55 -2.90%
ripple
XRP (RIPPLE)
$2.50 -5.19%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000011 -4.72%
pepe
Pepe (PEPE)
$0.000007 -5.43%
bonk
Bonk (BONK)
$0.000016 -4.03%
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BNB Price Prediction: Binance Coin Could Hit $1400 Soon Despite Intraday Correction

Highlights:

  • Binance Coin is trending towards the $1109.34 support
  • Correction through $1109.34 could trigger a price drop to $1000
  • Strengthening fundamentals makes the case for a rebound stronger 

Binance Coin (BNB) is in the red today, mirroring the trend across the cryptocurrency market. At the time of writing, Binance Coin was trading at $1,177.80, down 11.1% for the day. However, the price correction has not been accompanied by an increase in trading volumes, which would signal an intensifying selloff. 

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Instead, Binance coin trading volumes have dropped by 22.69% in the last 24 hours to stand at $9.89 billion. This is an indicator that even as the price correction continues, the average holder believes the price of Binance coin will make a comeback in the foreseeable future. There are several factors driving BNB holder optimism, despite the broader market being in the red. 

Binance Coin Holders Still In Profit, Helping Lower Volatility

One of them is the fact that the average Binance Coin holder is still in profit. Unlike most altcoins, which are still down by over 50% from their January highs, Binance Coin has performed impressively well so far this year. It has gained by over 100% in the past year.

This means that, unlike most altcoins, the average Binance holder can weather the ongoing volatility, which is unrelated to the cryptocurrency market and is more closely tied to the US-China trade war. With both signs showing willingness to de-escalate, the selloff could ease soon, which strengthens the case for the average BNB holder.

Capital Rotating to BNB and Other Top Altcoin

Additionally, it is worth noting that many small altcoins have recently experienced a decline of 20% or more. However, the top-tier ones, such as Binance Coin, are holding their value relatively well. This means that if the broader market selloff continues, top altcoins like Binance Coin, which have demonstrated resilience, are likely to benefit the most. It explains why even as the market continues to show weakness, the average Binance holder is not selling their coins.

Binance Risk Management Initiatives Make BNB An Attractive Asset

Binance Coin is also benefiting from the moves made by the Binance Exchange since Friday, during the market meltdown. The exchange announced a $45 million airdrop. The airdrop was designed for the 160,000 addresses that were holding Binance meme coins and experienced heavy losses on Friday.

At the same time, the exchange announced that it would spend $283 million to cover the losses experienced by traders between 21:36 and 22:15 UTC on Friday, October 10. The losses occurred due to an internal issue that disrupted transfers. This has given the market the impression that Binance cares and could see more capital flow into the Binance ecosystem going into the future.

By extension, this could lead to the value of Binance coin continuing to rise once the broader market turns bullish again. It also explains why even in today’s correction, Binance is performing better than the average altcoin. At the same time, Binance continues to expand its ecosystem. Through the Binance Alpha program, new projects continue to launch on Binance. This continues to drive real demand for Binance Coin and could help push its price to new highs once the markets stabilize.

Technical Analysis – Binance Trending Towards Support

Binance bulls have failed to breach the $1,318.7 resistance in the last 24 hours, despite a brief attempt. This has emboldened sellers, who are now targeting the $1109.34 support.

BNB
Source: TradingView

If bears take control and push BNB through the $1109.34 support, then a correction to $1000 could follow. On the other hand, if there is a rebound, the key level to watch is the $1,318.7 resistance. A rally through this resistance could see BNB reach prices as high as $1500 in the short term.

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