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BNB (BINANCECOIN)
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bonk
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bitcoin
Bitcoin (BITCOIN)
$107,216 -0.19%
ethereum
Ethereum (ETHEREUM)
$2,430 0.50%
binancecoin
BNB (BINANCECOIN)
$645.09 0.13%
solana
Solana (SOLANA)
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ripple
XRP (RIPPLE)
$2.10 -3.86%
shiba-inu
Shiba Inu (SHIBA-INU)
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pepe
Pepe (PEPE)
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bonk
Bonk (BONK)
$0.000013 -5.47%
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BNB Price Prediction – Institutional Adoption Could Soon Push Binance Coin Through $741 Resistance

Highlights:

  • Binance Coin is edging closer to the $741.90 multi-week resistance
  • A breach of the $741.90 could push BNB to $1000 short term
  • Institutional adoption could be the catalyst that pushes BNB to $1000

Binance Coin (BNB) has changed marginally today. When writing, BNB was trading at $645.70, down by a negligible 0.08% intraday. However, Binance Coin trading volumes have shrunk in the day, down by 6.45% to stand at $1.49 billion. This volume drop indicates that the average Binance Coin holder is not selling. It points to a firm conviction amongst holders that BNB is an asset worth holding for value growth. Going forward, the odds are high that BNB could record gains that could easily push it to new highs. 

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Institutions Now Adding Binance Coin to Their Balance Sheets

One factor that could drive such a rally for Binance Coin is its growing acceptance by institutions. There is a rising wave of institutional adoption of cryptocurrencies in company balance sheets. So far, institutional capital has mainly been attracted to Bitcoin and Ethereum. Now, Binance Coin is emerging as the next altcoin institutions see as a valuable cryptocurrency to include in their balance sheets. One such institution is Nano Labs. 

The company has announced that it plans to buy $1 billion worth of BNB and aims to control as much as 10% of the total supply. Such a move could push Binance Coin to new highs for two reasons. First, a billion-dollar investment is likely to trigger a pump in the price, and the reaction from other investors could add to the momentum. Then there is the fact that such an acquisition creates a positive perception of Binance Coin amongst retail investors. The result is that, once the broader market starts to send strong bullish signals, Binance Coin could be among those that benefit from FOMO.

BNB Stands to Benefit From Capital Rotation Into Altcoins

Binance Coin could also benefit from market pointers that show that capital rotation into altcoins is happening. One of the hints to this happening is that Bitcoin Dominance appears to be peaking out, and can only go down from this point. This means investors will likely get into altcoins looking for opportunities to grow capital outside Bitcoin. Another hint that the rotation is happening is that Ethereum is starting to show consistent upside momentum even as the rest of the market appears weak.

This is typical of what happens before altseason. Money flows into Ethereum, the other big-cap cryptocurrencies, before the meme coins and other small-cap cryptocurrencies go parabolic. Thanks to its fundamentals, Binance Coin is one of the big-cap cryptocurrencies that stands to benefit the most outside of Ethereum.

BNB Deflationary Tokenomics Guarantees Long-Term Growth

One of Binance Coin’s biggest fundamentals is its deflationary nature. Since its launch, Binance Coin has had regular token burns that have significantly cut the supply over time. This shrinking supply is continually meeting rising demand, and the result is that Binance Coin’s long-term trajectory is up. BNB also has strong utility, which is lacking in many altcoins. BNB is the currency of the Binance Chain, and many successful projects have been run on it. This means there is a strong underlying demand for BNB, which guarantees long-term price stability and growth. 

Technical Analysis – Binance Coin Trending Towards Weekly Resistance

Binance Coin is currently in a multi-week consolidation between the 741.90 resistance and $552.82 support.

BNB Price Prediction – Institutional Adoption Could Soon Push Binance Coin Through $741 Resistance
Source: TradingView

However, the price momentum is trending towards the $741.90 resistance. If bulls gain enough momentum and push Binance Coin through the $741.90 resistance, a rally to prices as high as $1000 could follow. However, if bulls fail at the $741.90 resistance, the consolidation could follow until a macro factor gives BNB a clear price direction.

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