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Binance Coin Price Prediction as BNB Reaches Highest Level Since November 2022 – Time to Buy?

Tim Hakki
Last updated: | 2 min read
Source: Midjourney

Binance’s native BNB coin has just hit $359, reaching its highest level since November 5, 2022, when the token traded at $353, according to data by CoinGecko.

BNB’s rally comes amidst market-wide growth across the cryptocurrency sector. Market leader Bitcoin rose 12% in the last week while its closest contender, Ethereum, posted 14% gains. BNB’s own 7-day growth spurt added 10%.

About 3.3% of its gains happened in the last 24 hours, making the exchange token the fastest climber among the top 5 cryptocurrencies by market capitalization.

The rally comes after the US Treasury stated in a Congressional hearing that crypto may not have facilitated as many illegal money transfers to terrorist organizations as previously reported in the media. Binance’s lax anti-money laundering (AML) and know-your-client (KYC) policies had played a big role in facilitating the funding.

Yesterday a report in Bloomberg said that New York law firm Sullivan & Cromwell tops the list of firms lining up to be the exchange’s independent monitor. Binance’s guilty plea deal with the Department of Justice and the US Treasury for AML and sanctions charges involves accepting appointed monitorships.

The BNB token could rise even higher, according to charts. Prices have consistently gone up over the last three months, helping the token trade above its 30-day moving average today. Its current Relative Strength Index (RSI) of 62 suggests the recent price movement is appropriately valued, indicating potential for further near-term gains.

Source: TradingView

Eco-friendly Portfolio Diversification


While Binance’s BNB appears relatively safe, the spate of bad press surrounding the exchange and its former CEO Changpeng “CZ” Zhao could mean uncertain long-term prospects.

Binance is currently fielding multiple lawsuits and probes by the Department of Justice, the Internal Revenue Service, the US Treasury, the Securities and Exchange Commission and the Commodity Futures Trading Commission.

At this juncture, nobody can predict what sort of revelations they’ll unearth. For now, though, the exchange appears solvent as it starts another chapter under CEO Richard Teng.

BNB investors may want to turn to less controversial altcoins to offset risk from BNB. One such project is the eco-friendly eTukTuk, which is having a major presale. It just raised over $1M in Stage 11 as green investors snap it up before the next presale stage.

Each new stage of eTukTuk’s presale adds 3% to the price, locking in pre-listing gains for early backers, the earliest of whom could enjoy up to 31% by launch.

The token is effectively a green bond to fund innovative electric vehicle charging equipment (EVSE) to meet the needs of congested cities and suburban areas in developing regions.

It’s also tapping AI and blockchain tech to optimize commuter routes, reduce congestion, cut down consumption, and build intelligent and partially self-maintaining public transport infrastructure.

Read More About eTukTuk And Purchase It Here

 

 

 

 

 

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.