Binance Coin Price Prediction – Gains 20% This Week, Can BNB Reach $1,000?
Binance Coin price prediction remains strongly bullish as the coin has surged nearly 20% this week to $338 before coming back to the $324 level. Changpeng Zhao, the CEO of Binance, announced that the National Bank of the Republic of Kazakhstan would include its central bank digital currency (CBDC) in BNB Chain.
Binance Cash Price & Tokenomics
The current BNB price is $324, and the 24-hour trading volume is $1.3 billion. In the last 24 hours, BNB has dropped less than 1%; however, the coin has gained nearly 20% in the last seven days. CoinMarketCap currently ranks #4, with a live market cap of $52.
It has a maximum supply of 200,000,000 BNB coins and a circulating supply of 159,978,060 BNB coins. The BNB/USD pair opened the day at $325.60 on November 1, reaching a high of $334.50 before falling to a low of $323.90.
BNB Breaks a New Record Against BTC
As the debate over the cryptocurrency’s future position on Twitter heats up, BNB (previously known as Binance Coin) has reached new highs versus BTC. According to TradingView, on October 30, BNB/BTC briefly surpassed 0.1500 BTC to a record 0.1526 BTC.
The impressive result followed news that Binance was preparing to assist Twitter in eliminating bots as part of its new Elon Musk-led strategy.
Binance has made a $500 million contribution to Musk’s acquisition of the social media platform. In a cryptic tweet, Binance CEO Changpeng “CZ” Zhao said:
“Our intern says we wired the $500 million 2 days ago, probably just as I was being asked about Elon/Twitter.”
CZ’s subsequent posts included the phrases “Let’s unleash the bird” and “Crypto Twitter,” the first of which appeared to refer to Musk’s tweet, “the bird is freed.” Binance’s native token, BNB, has increased in value as a result of the news.
Kazakhstan’s CBDC Integration into BNB Chain
Changpeng Zhao, the CEO of Binance, announced that the National Bank of the Republic of Kazakhstan would include its central bank digital currency (CBDC) in BNB Chain. The company has recently expanded its operations in the country.
The AIFC Financial Services Authority (AFSA) has approved the operation of a digital asset platform and the provision of custodial services to Kazakhstani clients.
On October 26, Zhao stated that the Binance team met with prominent members of Kazakhstan’s Central Bank, including the First Deputy Governor, Berik Sholpankulov, and the Head of the Payment and Technological Center, Binur Zhalenov.
During their discussions, the exchange offered the organization to incorporate its planned CBDC on BNB Chain. Zhao recalled that the NBK had already begun testing a pilot version of their digital tenge with real customers and merchants.
In a recent tweet, he claimed that the bank chose Binance as a partner for that product.
Some people believe that Binance should not work with CBDCs because they lack the benefits of cryptocurrencies. Several Twitter users, however, who believe it will benefit the entire crypto sector, praised the partnership as an optimistic move that could boost the value of BNB/USD.
Binance Launches Native Oracle Network
Binance, the world’s largest crypto exchange by volume, launched its native oracle service on October 26 to enable smart contracts to function on real-world inputs and outputs, starting with the BNB Chain ecosystem.
According to Binance, approximately 1,400 BNB Chain apps would benefit immediately from the oracle service. Currently, ten BNB Chain projects have merged with the Binance Oracle network. However, the service is chain-agnostic and will eventually support more blockchains.
To ensure data reliability, Binance oracles would collect pricing data from numerous centralized crypto exchanges. Many experts believe that the Native Oracle Network will help the native coin BNB.
Binance Coin Price Prediction – Gains 20% This Week, Can BNB Reach $1,000?
Let me begin by answering this question, which is a no. BNB is unlikely to reach $1,000 anytime soon, but it has a chance to do so in 2023.
The BNB/USD pair is trading with a strong bullish bias on the technical front, but the double-top pattern is extending solid resistance near the $338 level. A bullish breakout above this level could take BNB to $360 or $395 territory.
BNB has formed an ascending triangle pattern on the daily chart, which typically breaks out on the higher side. In addition, the RSI and MACD indicators support a buying trend.
The 50-day moving average is supporting the buying trend above the $280 support level. Having said that, the bullish bias remains strong; however, one should consider buying if BNB breaks through the $340 level.
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