BNB Price Prediction: Nasdaq CEO Calls It “Most Overlooked Blue-Chip”: Will it Hit a New ATH?

The Binance Coin ( BNB) hit its all-time high $1,370.55 on October 13. Nasdaq CEO David Namdar, Chief Executive Officer at CEA Industries, called BNB the most overlooked Blue-Chip, and its recent stellar performance is expected, he further added. Yet, currently, the crypto market is reeling under macro pressure.

Our experts predict that BNB can experience corrections if the macro pressure builds up, but if the macro pressure eases, testing $1400 can not be ruled out.

How is BNB Performing Today Amid the Macro Uncertainties?

The Binance coin (BNB) is currently trading around $1,199.18. The market cap has reached $166.94 billion. The current price fluctuations are attributed to several factors, such as growing macro uncertainties and weak technical signals. For a detailed short-term forecast, check our BNB Price Prediction: Next 24 Hours, This Week

Factors Affecting the Price of BNB: The Growing Macro Pressure to Technical Signals

The crypto market as a whole is having a tumultuous time due to macroeconomic uncertainties stemming from ongoing geopolitical tensions between the U.S and China and the U.S government shutdown. The BNB is feeling heat as the looming threat of a tariff war is making investors risk-averse. Besides, the anxiety is building up as the Federal Reserve Chair Jerome Powell is about to make his first major public appearance since the last Fed rate cuts. His speech is expected to provide insights into the upcoming monetary policy. 

The cryptomarket is looking forward to the rate cuts, as lower Fed rates are expected to cause a liquidity shift towards the digital assets. The lower interest rates reduce the returns from the traditional investments, and the risk appetite goes up. The highly rewarding crypto market is expected to fare well in this scenario. Nevertheless, the concerns about the weakening of the economy are still looming, and the inflation data is yet to be released. The Fed is likely to shy away from a monetary easing if the inflationary pressure remains high.

The Powell’s speech also comes in the midst of growing geopolitical tensions between the world’s two largest economies. To make things worse, Binance is facing backlash over an unfulfilled pledge of the BNB fund to cancer patients in Malta. The pledge dates back to 2018, and it’s currently worth $39 million. Later, the initiative was caught in a legal dispute, and a long-forgotten controversy resurfaced as the BNB hit an all-time high. Such narratives may not affect the price in the long term, yet can cause short-term volatilities. 

BNB Technical Analysis 

The popular altcoin is currently trading above its 200-day Simple Moving Average of $ 755.95 and 50-day SMA of $ 984.55. The 14-day Relative Strength Index (RSI) value of 63.44 indicates a bullish momentum. The Fear & Greed Index of 38 shows that the investors are cautious. And the MACD histogram is showing a weakening bullish trend. Overall, the technical signals are showing a weakening bullish momentum. 

BNB Price Predictions: Will it Hit New ATH?

Whether the price of the BNB will go up or not largely depends on the evolving macroeconomic scenario. If the trade talks between the U.S. and China progress smoothly and the Fed follows a dovish policy, it will boost investor confidence and thus the price. Yet from the technical perspective, if the BNB were unable to hold key support levels, the price would slide further. A dip to $1024 and $823 is forecasted. 

Nevertheless, if BNB remains resilient in spite of the political and economic uncertainties, it’s likely to test $1400-$1500 this year itself. The market participants are advised to track the key market indicators, keep updated about the evolving macro landscape, and keep their expectations realistic.