USD

AED

AFN

ALL

AMD

ANG

AOA

ARS

AUD

AWG

AZN

BAM

BBD

BDT

BGN

BHD

BIF

BMD

BND

BOB

BRL

BTN

BWP

BYN

BZD

CAD

CDF

CHF

CLF

CLP

CNH

CNY

COP

CRC

CUC

CUP

CVE

CZK

DJF

DKK

DOP

DZD

EGP

ERN

ETB

EUR

FJD

FKP

GBP

GEL

GHS

GIP

GMD

GNF

GTQ

GYD

HKD

HNL

HRK

HTG

HUF

IDR

ILS

IMP

INR

ISK

JMD

JOD

JPY

KES

KGS

KHR

KMF

KPW

KRW

KWD

KYD

KZT

LAK

LBP

LKR

LRD

LSL

LYD

MAD

MDL

MGA

MKD

MMK

MNT

MOP

MRO

MRU

MUR

MVR

MWK

MXN

MYR

MZN

NAD

NGN

NIO

NOK

NPR

NZD

OMR

PAB

PEN

PGK

PHP

PKR

PLN

PYG

QAR

RON

RSD

RUB

RWF

SAR

SBD

SCR

SDG

SEK

SGD

SHP

SLL

SRD

SSP

STD

STN

SVC

SYP

SZL

THB

TJS

TMT

TND

TOP

TRY

TTD

TWD

TZS

UAH

UGX

UYU

UZS

VES

VND

VUV

WST

ZAR

ZMW

ZWL

crypto.news 2024-11-29 13:50:42

Can BNB price hit $1,100 as staking yield hits 12%?

Binance Coin price continued to consolidate at a key resistance level as its recent rally showed signs of losing momentum. The Binance Coin ( BNB ), the native token for the BSC network, was trading at $655 on Nov. 29. It has risen by 223% from its lowest level in 2023 and by 9% in November, underperforming most major cryptocurrencies. The BNB coin has strong fundamentals and technical indicators pointing to potential further gains in December. The BSC ecosystem has been performing well, with the total value locked in its DeFi ecosystem increasing by 18% to $5.53 billion over the past 30 days. You might also like: Bitcoin ETFs near record $6.2b inflow in US as BTC eyes $100k Similarly, the volume of cryptocurrencies traded on its DEX protocols , such as PancakeSwap (CAKE) and Uniswap, rose to over $34 billion in the same period, with PancakeSwap contributing nearly $30 billion. Data also shows that the network continues to reduce coin circulation through burning. Over the last seven days, 652 coins worth $429,000 were burned. In total, the network has eliminated coins worth $160 million, aiming to reduce the total supply from 144 million to 100 million, a measure designed to curb inflation. The ongoing burn, along with rising network revenue, has significantly boosted its staking yield, which stands at 12.5% . This means a $100,000 investment in BNB could yield approximately $12,500 annually. BNB price technicals mean $1,100 is reachable BNB price chart | Source: crypto.news The weekly chart indicates that Binance Coin has potential for more upside in the coming weeks. It has formed a cup and handle pattern since October 2021, with resistance at $665. This bullish pattern includes a horizontal line, a rounded bottom, and consolidation or retracement. The depth of the cup is around 70%. Applying the same measurement from the $665 level suggests the coin could rise to $1,130 upon a breakout. For this to happen, BNB must surpass critical levels at $875, the extreme overshoot of the Murrey Math Lines, and the psychological level at $1,000. The invalidation point for this outlook is $437, which marks the bottom of the trading range based on the Murrey Math Lines tool. You might also like: Russia officially recognizes crypto as property with new tax law

Related News

XRP Price Prediction For December 22
22 Dec 2024
Cardano Eyes $6 As ADA, DOGE and RBLK Attract Unpr...
22 Dec 2024
Litecoin, HBAR ETFs Speculation Soars – Lunex Gain...
22 Dec 2024
Cardano (ADA) Could Fall 15%, Here’s Why
22 Dec 2024
Forget Chainlink ($LINK): FXGuys ($FXG) Aims for 5...
21 Dec 2024
Cronos and Toncoin Holders Could Transform $100 In...
21 Dec 2024

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

Can BNB price hit $1,100 as staking yield hits 12%?

Most Read News

Related News