Based on the latest data, we see the crypto market on the rise, with Binance Coin (BNB) hitting a 20-day high and Litecoin (LTC) continuing to climb.
Below are all the details.
Crypto market: Binance Coin (BNB) is trading up 2%
Last week, based on what the data showed, we can see that Binance Coin (BNB) was down. Specifically, with a low of $307.53 recorded on Sunday.
Today, however, BNB/USD rose to an intraday high of $316.83. This surge represents the highest level reached by BNB since 9 May, when the crypto was trading above $320.00.
Binance Coin is now trading up 2% from the same point last week. Moreover, the rally that occurred today has also caused the RSI (relative strength index) to be at its highest point since 1 May.
Not only that, but we also see the 10-day moving average moving towards an upward cross with the 25-day moving average.
In particular, the latter figure, should this cross occur, marks a good chance for BNB to move toward a long-term ceiling at the $340.00 level.
Litecoin (LTC) continues to rise
Good news for the crypto Litecoin (LTC), which continued to rise earlier this week for the sixth consecutive session. However, about 24 hours ago, LTC was trading at a low of $89.10.
Earlier in the day, the Litecoin crypto reached a positive high of $92.16. As a result, the surge brings Litecoin to the key resistance level of $93.00, last reached on 23 May.
But why this recent rise? Experts claim that it was caused by the break of the relative strength index (RSI) from the 51.00 ceiling. In fact, we see that since that point the index has registered a further rise.
In particular, it reached a new resistance point at 57.00, a factor that is most likely the explanation for LTC’s recent gains. Currently, LTC is trading at around $91.38.
More generally, there is a bullish sentiment in the crypto market, at least it seems so at the moment, with global market capitalization up to 2.50%.
Experts’ long-term predictions for Binance Coin
Apparently, many experts and investors in the crypto sector have turned bullish on Binance Coin (BNB).
As an example, let’s look at Ben Ritchie, managing director of Digital Capital Management, who predicts that by the end of the year, the BNB crypto will be worth $300.
Ritchie also claims that the Binance exchange will determine BNB’s fate, stating the following:
“The price of BNB also follows supply and demand. BNB introduced a burn mechanism in each transaction fee and conducted quarterly burns, making it a deflationary asset. As the ecosystem of the BNB chain continues to grow, the price could reach $3,000 in 2030.”
Furthermore, we see Joseph Raczynski with a bullish outlook, who firmly believes that Binance will continue to be the world’s leading exchange, as he stated:
“While BNB is not decentralized, it can still serve for fast and cheap transactions. This comes at a cost though. Binance may change token parameters without consent and this is much more likely to be a single point of failure.”
However, despite a rather positive market sentiment regarding Binance Coin, it is important not to forget the recent problems the exchange has had with the SEC, which has accused Binance of issuing BNB as an unregistered security.
Regarding this, MetaTope co-founder and vice president Walker Holmes does not believe that the SEC will significantly harm BNB’s future. In fact, he stated:
“We have seen him play with XRP, ETH and others. CZ can make a very compelling case. I think this is a matter of potential financial penalties. However, at the time of writing, I don’t think Binance is in the greatest risk of being taken down.”
Finally, we also see John Stefanidis, CEO of Balthazar, who believes that BNB will reach a value of $3,000 by 2030.
This is because, according to Stefanidis, it has state-of-the-art technology and complies with international regulations.