BNB Price Prediction for May 2024: Will it Rise?

Bittime - The price of BNB has soared rapidly in the last few days. After touching $630 (around Rp. 10 million) yesterday, the price is now stable at around $611 (around Rp. 9.8). 

This increase occurred despite Binance facing legal problems in the United States and Nigeria. This price increase shows high demand for BNB.

This article discusses the reasons behind the BNB price increase and estimates of where the price will move until the end of May.

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Why is the BNB Price Rising?

BNB is among the top five cryptocurrencies due to its high market capitalization. Additionally, BNB is the native token of Binance , the world's largest crypto trading platform. 

Also read: Latest $BNB Price Predictions

The positive trend of the crypto market in general and investors' trust in Binance as a leading exchange also pushed the price of BNB up. However, there are two other main factors that caused this price increase, namely the development of the Binance network and the hype surrounding the Ethereum ETF.

Word of the Day (WOTD) Game Triggers BNB Price Increase

Binance's educational program, Word of the Day (WOTD), is becoming a top trend in the crypto market. Through this game, participants can learn crypto vocabulary and get the latest information about market developments. 

The game runs until May 26, and crypto users will compete for a pool of Binance Points worth 500,000. These points can later be exchanged for various crypto prizes. 

Also Read How to Buy Crypto:

BNB prices immediately rose after the announcement of this game, and the continuation of this program is believed to continue to increase demand for BNB tokens.

BNB Price Affected by Ethereum ETF Approval 

After months of speculation regarding the rejection of the Ethereum Spot ETF, Bloomberg analysts actually gave a positive prediction. Bloomberg ETF analyst James Seyffart estimates the chances of approval at 75% based on the latest signals from the SEC (the United States financial regulatory body).

Also read: BNB Price Prediction 2024: Could it Drop to $550?

This prediction makes investors more optimistic and drives Ethereum prices up. The increase in Ethereum prices also has an impact on other cryptocurrencies, including BNB.

Future BNB Price Estimates

Source: Bittime

Currently, BNB is trading at $611 (around IDR 9.8 million). This crypto asset experienced a slight decline over the last 24 hours at 1.8%. However, the Ethereum ETF approval/rejection decision could have an impact on the price of BNB.

With the hope of Ethereum ETF approval this Thursday, investors are also expecting a rise in BNB prices. On the other hand, the possibility of ETF rejection could cause the BNB price to drop drastically from its current high to $550 (around IDR 8.8 million). 

Traders have also prepared $60 million for long (buy) positions in the derivatives market at a price of $548.6 (around Rp. 8.7).

Currently, both optimistic (bulls) and pessimistic (bears) investors are equally active. Optimistic investors encourage buying to reach resistance (upper price limit), while pessimistic investors increase sales to reach support (lower price limit).

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Based on the BNB price chart, you can see an asymmetrical triangle pattern showing lower highs (lower price peaks) and higher lows (higher price valleys). 

This means the price of BNB could possibly reach a high of $650 (around Rp. 10.4), but a correction could also bring the price down to $600 (around Rp. 9.6).

Please note that price predictions are only estimates and cannot be guaranteed. Always do your own research before making an investment decision in cryptocurrency.

How to Buy BNB (BNB) on Bittime

You can buy and sell BNB (BNB) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

BNB (BNB) is available on Bittime with the market pair BNB/IDR. To be able to buy BNB IDR on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn Complete guide on how to buy BNB (BNB) on Bittime. 

Monitor price chart movements of BNB (BNB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

BNB Price Prediction After Bitcoin Halving According to Crypto Academy

BNB and Solana Q2 2024 Analysis: Time to Buy or Sell?

Bullish Binance Coin: BNB Price Predicted to Rise Up to 40%

Chris Burniske: Solana (SOL) Ready to Record New ATH and Ambitious to Surpass BNB Market Cap

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.