The BNB price has been steadily rising since the second week of the year.
Binance Coin, abbreviated BNB, has become one of the most established and popular cryptocurrencies in recent months and years. Since Binance is by far the largest cryptocurrency exchange, the coin has a large network behind it.
The increases of January 2023 were once again very powerful. What is the prediction for Binance Coin (BNB) at the end of February 2023? Can Binance Coin hit $500 soon?
In recent weeks, the BNB price has resumed its upward trend. The price has risen from $244 at the beginning of the year to $310 at the end of January. In January alone, the price rose more than 25%. This increase was significant, but not compared to many other altcoins. During this time, the price of Bitcoin was also able to increase significantly.
Although the increases were limited in the first days of the year, the price of BNB has been rising steadily since the second week of the year. The price was able to rise above US$330 again in the first days of February.
The Driving Factors behind the Price Increase
The BNB price increase in January was mainly due to the strong bullish phase of the market. At the beginning of 2023, the price of Bitcoin skyrocketed. This was due to the positive market reaction to the drop in inflation in the United States.
In addition, the liquidation of positions in the foreign exchange market, as well as the Chinese New Year, resulted in significant increases.
The BNB price is unlikely to go much higher because some investors are still concerned that the crypto exchange will fail in the coming weeks. This became especially important after the FTX bankruptcy.
Furthermore, the Binance platform has many detractors, and it will need to rebuild trust in the medium term.
The Binance Coin (BNB) Forecast for February 2023
Based on recent developments, Binance Coin (BNB) may have a positive outlook, as both the January increases and the recent positive price developments indicate that more increases are likely in the coming weeks.
However, another sharp decline in the market cannot be ruled out. For starters, several Bitcoin attempts to break through the resistance have now failed. The longer the resistance holds, the more likely the price is to go down. This will obviously have an impact on the Binance Coin (BNB) forecast.
If the market returns to a bullish phase, Binance Coin (BNB) could go higher in the coming weeks. In this case, Binance Coin (BNB) is expected to trade between $350 and $390.
If the cryptocurrency market takes a different turn, though, the BNB price will almost certainly fall again. In this case, a Binance Coin (BNB) prediction of $250 to $300 is assumed.
By Audy Castaneda
