Can BNB Reach a New All-Time High? | Credit: Hameem Sarwar
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Key Takeaways
BNB Chain announced its improved stablecoin infrastructure on Sept. 18.
The BNB price bounced on Aug. 5 and currently trades above $500.
What’s in store for the rest of 2024 if the BNB price has bottomed?
While BNB reached a new all-time high price on June 5, it only increased for another day before beginning a downward movement. After a 44% decline, BNB regained its footing on Aug. 5, creating a higher low in September.
Even though BNB has not confirmed its trend yet, positive news hit on Sept. 18, which could catalyze an upward movement. Let’s analyze the price action and see what’s in store for the rest of 2024.
Next, BNB also announced that it will partner with Celer Network to offer the same gasless transactions across different chains. Similar partnerships with various wallets have been announced to improve the user experience further.
Also, the BNB chain will integrate stablecoins with its decentralized finance (DeFi) platform. This will encourage users to participate in lending, staking, and trading.
Finally, BNB Chain is teaming up with several crypto-fiat bridges to make everyday purchases more practical and affordable.
So, BNB Chain wants to improve its stablecoin infrastructure by making transfers cheaper and easier to use in everyday life.
Firstly, the price action shows a bounce at the previous ascending parallel channel pattern (white icon). This created a long lower wick, seen as a sign of buying pressure, and reclaimed the $495 horizontal support area.
The wave count suggests that BNB has started its increase’s fifth and final wave. The August low from before marked the bottom of wave four, validating the 0.618 Fibonacci retracement support level.
If this is the correct count, BNB could reach a new all-time high of $921. BNB arrives at the target through the 1.61 external Fibonacci retracement and by giving wave five the same length (yellow) as wave three.
Afterward, BNB could begin a lengthy correction.
Better Days Ahead
BNB has suffered a considerable drop since its all-time high in June. However, positive news regarding stablecoin payments on Sept. 18 could strengthen the bullish price action since August.
If the projected wave count comes to fruition, BNB could soon increase toward a new all-time high price, possibly going as high as $921.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
