Since the release of Binance former CEO Changpeng Zhao, BNB price has gradually gained bullish momentum and followed Bitcoin in an ongoing breakout.
The altcoin market, led by Binance Coin BNB $597.9 24h volatility: 0.9% Market cap: $87.22 B Vol. 24h: $761.53 M , has been attempting to follow Bitcoin BTC $94 067 24h volatility: 1.3% Market cap: $1.87 T Vol. 24h: $28.06 B price in bullish sentiment in the past few weeks. October’s crypto bullish narrative has gained significant momentum in the past few days, catalyzed by the rising demand from institutional investors.
However, Bitcoin price continues to lead in bullish sentiment, as observed by its rising market dominance, which reached a 42-month peak in the past 24 hours. According to crypto analyst Benjamin Cowen, Bitcoin dominance will likely continue to rise until 60 percent, when a reversal is expected to happen and pave the way for the much-anticipated altseason.
Binance Coin (BNB) Attempts Bullish Breakout
For the past several months, BNB’s price has been attempting to break out of the crucial resistance level of around $600. Following the notable Bitcoin price spike above $67K, BNB price has teased a potential rally towards a new all-time high in the near term.
$BNB Bull Flag Break out in 2D Timeframe✅
Expecting Massive Bullish Wave📈#BNB #BNBUSDT #Crypto pic.twitter.com/fTskBZjLlC
— ZAYK Charts (@ZAYKCharts) October 17, 2024
According to crypto analyst alias ZAYK Charts on X platform, BNB price is on the cusp of a major bullish breakout in the daily time frame. The crypto analyst anticipates at least a 50 percent spike in BNB price to reach a target of about $830 in the near term.
The short-term bullish sentiment could, however, be invalidated if BNB price consistently closes below the support level of around $535.
Favoring Factors
The Binance network has grown into a major web3 ecosystem, with a vibrant community of online users, developers, and investors. Since the release of former Binance CEO Changpeng Zhao BNB and the entire BSC ecosystem have gained significant bullish momentum.
According to the latest market data, the BSC network has seen an increase in its total value locked (TVL) from $4.2 billion in mid-August to around $4.7 billion on Thursday, October 17. In the past month, the supply of the stablecoin on the BSC network has spiked by over half a billion, suggesting an increase in overall buying pressure from investors.
The Binance network has continued to expand its meme coin ecosystem in a bid to attract more users and enhance the utility of BNB over time. Moreover, BNB is the largest liquidity provider in the Binance ecosystem. Consequently, the Binance network has supported innovative meme coins with liquidity and technical support in the recent past.
Meanwhile, Binance has obtained regulatory approval in more than 20 jurisdictions around the world, thus securing a sustainable future. Recently, Binance obtained a full crypto license in Dubai, thus enabling the firm to scale its operations in the region.
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