BNB’s price held well during May.
Binance coin’s fall below the $300 mark has turned the bullish bias into bearish.
In the near term, high BTC correlation could play spoilsport for BNB’s price.
Bitcoin’s price has ranged between the $28,500 support and $30,600 resistance level over the past few weeks. BTC’s recent fall below the $30,000 mark ignited market sell-offs affecting major altcoins’ trajectory.
Over the last month, Binance Coin (BNB) has been one of the better performing altcoins in the top ten cryptocurrencies by market cap. In fact, towards the end of May, the altcoin’s path appeared to have a bullish structure on the price charts.
However, the recent market sell-offs pulled BNB’s price below the $300 mark as the bullish bias shifted to bearish once more. So, where will BNB’s price go in the month of June?
BNB Price Analysis
At the time of writing, BNB’s price oscillated at $296.58, noting a 2.57% fall on the daily chart. BNB faced rejection at the crucial $320 resistance level as bears took control of the market.
On May 30, the altcoin rose above the $320 level, but bulls couldn’t build upon this move, and the price soon turned southward.
The u-turn in prices from the upper price range highlighted that bears posed a strong challenge at $325.
In the near term, if bears can add to the sell-side pressure, prices can fall back to the $295 and then to the $265 mark. On the contrary, if prices gain upside momentum, a revisit to the higher $325 mark can be expected.
In the event of a recovery, the $325 mark will be an essential level to keep an eye on in the near term. If BNB’s price retests that level, it could suggest that bulls are accumulating on dips. Market accumulation could help BNB’s price break above the $325.
More often than not, Altcoins’ trajectory is dependent on their ecosystem-centric developments. Recently, BNB Chain unveiled a new technical roadmap with the aim of making the network faster and more decentralized by the end of 2022.
The announcement was made at the BNB Chain Revelation Summit, highlighting that the network will see increased decentralization with the adoption of BEP-131. Additionally, developers anticipate improved security and stability for the network as the number of validators on the BNB Smart Chain increase.
The document said,
“This proposal would increase the number of BSC Mainnet validators from 21 to 41, providing more decentralization and incentives for validators to constantly innovate their hardware and infrastructure.”
Furthermore, the BNB Beacon Chain will also make the Binance decentralized exchange (DEX) open-source by the second quarter of the year to improve transparency and multi-chain integration.
With the chain’s fundamentals getting more robust in the coming months, BNB’s price could witness growth.
BNB Price Prediction
Recently, the community of voters at CoinMarketCap estimated that the largest crypto exchange’s digital currency would trade at an average of $403.23 by the end of June 2022. Notably, the community has a historical accuracy rate of 83%, and the prediction saw 2,975 votes.
However, the estimated price indicates an almost 30% increase from the altcoin’s current value under the $300 mark.
Data from Coinalyze highlighted that merely $601K worth of BNB was liquidated during the recent fall, which was much less than the liquidations seen from May 9-12.
The relatively less long liquidations could mean that either an actual fall still awaits or the danger has passed. For now, looking at BNB’s high correlation with BTC’s price, it could be said that in the near term, if bitcoin notes further losses, BNB’s price could slide southward.
This article was originally posted on FX Empire