BNB Improves Stablecoin Infrastructure While Price Targets New All-Time High
Can BNB Reach a New All-Time High? | Credit: Hameem Sarwar
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.
BNB Chain Gasless Transfers
On Sept. 18, the BNB chain announced it would improve its stablecoin infrastructure by introducing gasless stablecoin transfers. This will be done through the paymaster implementation MegaFuel, which will cover user fees.
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.
BNB Aims for All-Time High
The weekly price action and wave count imply that BNB’s price will continue to increase.
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.
So, the previous drop is just a deviation followed by an upward movement. Finally, BNB created a bullish, engulfing candlestick last week.
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.
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