Binance Coin (BNB) Heading to $400, Will it Sustain the Uptrend?

• Despite the global crypto market correction, Binance Coin (BNB) gained 7.50% to hit $386.
• The BNB Chain achieved over 1.2 million daily active users in 2023.

Despite significant selling pressure over the global crypto market, Binance’s native token BNB has emerged as a standout performer, exhibiting a notable 7.50% surge over the last 24 hours accompanied by a 90% increase in trading volumes to exceed $2.62 billion. At the time of writing, Binance Coin (BNB) is priced at $380.13, boasting a market capitalization of $56.85 billion.

This surge comes hot on the heels of Bitcoin’s ascent to new highs nearing $53,000, only to be swiftly followed by a downturn that saw BTC plummet below $51,500, prompting a fresh phase of consolidation across the markets. Despite growing concerns about future price fluctuations, Binance Coin climbed to $386, a level last seen on May 1, 2022, displaying resilience and appearing to reach new peaks.

BSC Daily Active Users (Source: BNB Chain)

The recent momentum for BNB follows the unveiling of the BNB Chain and the Web3 Blueprint in a blog post by BNB Chain. The blockchain network boasts surpassing 1.2 million active users, a testament to its robustness despite Binance’s ongoing legal dispute with the US Securities and Exchange Commission (SEC). Notably, the total number of active users on the BNB chain has surged 7600% over the past four years, from 15,000 to 1,200,000, underscoring its growing popularity and adoption.

Binance Coin (BNB) Prepares for Potential Surge

Recently, the uncertainty about the Binance exchange led to a sharp drop in BNB prices, plummeting from $348 to $206. The crypto community anticipated the token might fall to double-digit levels, but a strong rebound halted the downward trend. 

According to the daily price chart, BNB showcases a bullish outlook, hinting at a potential ascent toward a 2X price target at the peak of the forthcoming bull run. Also, the current price pattern appears to be mirroring a similar technical pattern that parallels the 2021 bull run. If history repeats itself, BNB’s price could surge to the $600 range. 

Binance Coin (BNB) Price Chart (Source: TradingView)

Furthermore, if Binance Coin continues its bullish trajectory, it will encounter immediate resistance at $430, which could push the price to $490. Breaking past the $490 level could trigger further rallies, potentially propelling BNB to $520 and eventually $600. This could potentially help BNB surpass its all-time high of $690.

However, if BNB fails to sustain this bullish trajectory, it could see immediate support at $347, with further declines potentially testing the $303 mark.