The Binance token is 10% from a new all-time high—should you buy?
Today, the BNB price fell 1.5% to $610.69, remaining 10% below its all-time high of $686.
BNB achieved this record high in May 2021, but with Ethereum ETF prospects boosting the market, it might set a new high in the coming days.
The alt is up 5% in a week and 95% in a year, and Binance is the largest crypto-exchange by volume, so demand is certain to continue.
ETH ETF approvals today might spark another rise for BNB, and rate cuts could push it much higher by 2024.
Today's decrease may disappoint traders who anticipated the gains of the last two days to continue, but it puts them in a strong position to purchase BNB at a discount before it may return today and over the weekend.
A relative strength indicator (purple) below 50 this morning suggests the market is overselling BNB, indicating a cheap price.
Chart for BNB.
From TradingView
BNB's 30-day moving average (orange) is falling toward the 200-day (blue), indicating weakening.
Since it had recently crossed above the longer-term average, it may rise again soon since the currency looks to be in a medium-term growth phase.
BNB's 24-hour trading volume, at $1 billion, is double from two days before, which is positive.
This means that traders will rush in to purchase the token's decline, which will be minimal.
As said, the market awaits the SEC's judgment on multiple spot-based Ethereum ETF applications.
Many anticipate the SEC to approve the ETFs filed by VanEck and ARK Investments/21Shares.
If so, BNB and other major alts will rise, including ETH.
As the largest cryptocurrency exchange, Binance will profit from rising demand.
While Binance faces regulatory obstacles in Nigeria and abroad, its position remains solid.
The currency may hit $650 in the coming weeks as BNB prices rise.