Coin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-warns-investors-about-three-popular-altcoins/" data-wpel-link="internal">Analyst Warns Investors About Three Popular Altcoins</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/bnb-price-drops-following-recent-highs-santiment-report/" data-wpel-link="internal">Binance Coin</a></strong> (BNB), technical formations, increasing network activity, and recent developments involving Binance’s former CEO Changpeng Zhao (CZ) combine to potentially reach an all-time high. Currently, BNB is trading within an ascending triangle formation, which typically signals a bullish breakout. This consolidation suggests a possible increase beyond $692, with some analysts setting high targets up to $775.</p> 
<h2 style="text-align: justify" id="bnb-coin-technical-analysis">BNB Coin Technical Analysis</h2> 
<p style="text-align: justify"><strong>BNB</strong>‘s <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">technical analysis</a> reveals that the token has been trading within an ascending triangle formation since mid-May. Characterized by four higher lows and four roughly equal highs, this formation indicates a bullish trend. The potential breakout target of $775 is obtained by measuring the distance between the first high and low swing within the triangle and projecting it from the breakout point. Such a move would represent a significant milestone for BNB, currently valued at $645 with a market cap of $92.1 billion.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-359146 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/bnb-price.webp" alt="" width="892" height="651"></p> 
<p style="text-align: justify">Another factor supporting the bullish outlook is the increasing on-chain activities on the BNB network. Recent <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data shows</a> a 56% increase in daily transfers of BEP-20 tokens from May 19 to June 3. Additionally, the number of unique addresses on the <strong>BNB Smart Chain</strong> has consistently increased, reaching an average of 150,000 new addresses daily. This rise in network activity indicates greater adoption and new capital inflow, further strengthening the bullish sentiment around BNB.</p> 
<h2 style="text-align: justify" id="cz-s-imprisonment-begins">CZ’s Imprisonment Begins</h2> 
<p style="text-align: justify">CZ’s four-month prison sentence has also played a role in BNB’s recent price movements. Convicted for failing to implement robust anti-money laundering policies during his tenure at Binance, <strong>CZ</strong> remains the company’s largest shareholder. Despite his legal troubles, news of his imprisonment led to approximately a 6% increase in BNB’s price and a 24% rise in open interest, indicating growing investor interest and optimism.</p> 
<p style="text-align: justify">The recent breakout of the observed symmetrical triangle formation suggests that BNB could rise to $760 if it maintains momentum above key resistance levels. This breakout marks the end of a corrective trend.</p> 
<p style="text-align: justify">A daily candlestick close below $500 will invalidate the bullish thesis and could lead to a significant price drop of up to 9%, down to the 50% Fibonacci retracement support level at $454. Maintaining the price above the breached trend line is crucial for preserving the current bullish outlook. It’s worth noting that <strong>BNB</strong>‘s all-time high is $691.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/analyst-warns-investors-about-three-popular-altcoins/" data-wpel-link="internal">Analyst Warns Investors About Three Popular Altcoins</a></h5>

Analyst Warns Investors About Three Popular Altcoins

Table of Contents

COINTURK NEWS

Other articles published on Jun 4, 2024

Solana-Based JTO, Oracle Network PYTH, and Synthetic Dollar ENA: 3 Cryptos to Watch in 2024

Is MoonBag Your Light to Success as the Top Meme Coin Presale in 2024, Leaving Arbitrum and Arweave?

From Navigating to Mastering Scopuly: Tips and Tricks for All Users

Must-Have Cryptos for Your 2024 Portfolio

Ark Labs Announces New Payment Network for Bitcoin!

BlockDAG’s Lunar Keynote Propels it Toward $20, Setting It Apart from Solana ETF & Render Crypto ...

Join our free newsletter for daily crypto updates!