BNB Price Predictions: Can It Reach $350 Amidst Regulatory Scrutiny?
The value of BNB has surged by 20% since March 11, following regulatory scrutiny of several crypto exchanges.
Despite this setback, on-chain data suggests that BNB network activity remains steady, with long-term investors still optimistic about the coin’s prospects. Could BNB potentially reach $350 and overcome negative media coverage?
On April 14, Binance conducted its 23rd quarterly auto-burn event, destroying over 2 million BNB, equating to roughly $674 million.
As per the BNB Auto-Burn procedure, the 23rd quarterly BNB token burn of 2,020,132.25 BNB has been completed，about 674 million USD. https://t.co/gcSBQVK4jM
— Wu Blockchain (@WuBlockchain) April 14, 2023
The rally in BNB’s price has been influenced by growth in daily active users and unwavering support from long-term holders.
On-chain data provided by Santiment reveals that long-term BNB investors have not been swayed by recent Fear, Uncertainty & Doubt (FUD) surrounding Binance and other crypto exchanges.
The Mean Coin Age and daily active users on the BNB network have both been on an upward trajectory since the mid-March dip, suggesting that investor confidence is growing.
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Given the recent increase in daily active users, BNB’s price may continue to climb in the coming weeks. The on-chain MVRV data provided by Santiment predicts that the price of BNB could rise to $360 before investors start to book profits.
If the price nears $365, BNB could experience a retracement, but if it breaks past this resistance, the rally may continue up to $387 before holders start selling.
However, if the BNB price drops below $308, it could invalidate the bullish narrative. If the support zone doesn’t hold, investors may experience a larger drop toward $285 before they start cutting their losses.
Currently BNB is priced at $330 after a 6% weekly surge.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
