BNB Price To Surge 15%?

Binance coin (BNB) is the native asset of the whole Binance ecosystem. BNB coin was initially launched with the only utility on the Binance exchange. However, with the exponential growth of the exchange, BNB use cases have significantly increased in the past 6 years.

BNB price has shown a significant recovery from its August lows. The coin is currently up 6.68% from the recent lows and is gaining even more strength. Advanced technical analysis suggests that the price may target $250 soon if the bulls reclaim a critical resistance level on the chart.

BNB Price Faces Headwinds From Rising BTC Dominance

Bitcoin dominance (BTC.D) is a measure of the BTC’s share in the total crypto market capitalization. After a sharp decline in the BTC.D two weeks ago, the dominance of the pioneering digital asset is on the rise again. It is causing headwinds for the altcoins like Binance coin, which are already experiencing increased selling pressure.

The following chart for the BNB/BTC pair shows that the Binance coin has been trading sideways in terms of Bitcoin for the past few days. However, on a higher timeframe, the pair is 11.4% up from the June 2023 lows. After a breakdown below the upward trendline, bulls need to break above 0.0085 resistance to show strength.

Binance Coin Remains Unfazed By The FUD

There has been a fresh wave of the Binance FUD on the crypto Twitter since the start of August 2023. Many analysts are predicting an FTX-like collapse for the Binance exchange. According to these analysts, the biggest digital asset exchange is hiding too many skeletons in its closet.

Some Twitter threads went further and accused the Binance CEO, CZ, of manipulating Binance coin price by selling Bitcoin for TUSD. However, CZ has denied these allegations and seems confident that the exchange is not involved in any wrongdoings. Nevertheless, many technical analysts keep predicting dubious price targets like $40 for BNB coin.

Binance Coin Price Prediction Can Flip Bullish Soon

While the authenticity of the accusations against Binance remains unknown, BNB price is still showing great strength. A look at the following chart reveals that $220 has emerged as a major resistance level since the price broke below this level earlier this month. A reclaim of this level may put a Binance coin price prediction of $250 on the cards.

The cumulative volume delta (CVD) depicts increased buying pressure in both the spot and futures markets. This suggests it is only a matter of time before the bulls reclaim the $220 level. The invalidation of this bullish thesis will be a breakdown below the $212 support level.