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The price of Binance Coin (BNB) reaches $230, so could the Blackrock ETF help?

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The price of Binance Coin (BNB) reaches $230, so could the Blackrock ETF help?



  • after weeks of double-digit depreciation, the BNB price has managed to remain above $230.
  • The majority of long-term holders stopped selling when the BNB price fell below $275, according to Rising Mean Coin Age data.
  • Investors are once again investing in the BNB chain ecosystem because they believe that Blackrock’s possible approval of an ETF could lessen regulatory pressure.

This week, the price of Binance Coin (BNB) has risen above $245 in anticipation of crypto regulatory clarity thanks to Blackrock’s Bitcoin ETF filling. Can the steady long-term investors maintain the $230 support area?

In the top 10 crypto rankings this week, Binance Coin (BNB) has emerged as one of the biggest gainers. On-chain data indicates that crypto stakeholders have resumed deploying transactions on the BNB chain after a turbulent month.

After the 7% price increase this week, can the bulls gain momentum?


BNB Long-term Loyalists Have Remained Resilient

The majority of long-term BNB holders stopped selling when the price fell below $275 on June 5, according to on-chain data. Between June 4 and June 22, the BNB Mean Coin Age increased by 15%, going from 65.39 to 75.47.

Mean Coin Age calculates the average number of days coins in circulation have spent in their current wallet addresses to assess trading sentiment among long-term investors.

It indicates an accumulation trend across the network when it rises significantly. As a result, the aforementioned chart indicates that the current prices are unfavorable to most long-term holders.

BNB price is likely to enter recovery mode in the coming weeks if they continue to wait for more lucrative positions.



Crypto Users are Returning to the BNB Chain Ecosystem 

The SEC lawsuit against Binance and CEO Chanpeng Zhao has fueled a lot of Fear, Uncertainty, and Doubt (FUD) in the BNB chain ecosystem. However, investor sentiment appears to have improved following Blackrock’s recent spot Bitcoin ETF filing on June 15.

On June 17, just two days after Blackrock’s ETF filing, the BNB Daily Active User count reached a 2023 peak of 6,179, as can be seen below.

Daily Active Addresses evaluates user activity by summing up the daily number of wallet addresses that carry out transactions on a blockchain network.







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BNB Price Prediction: Can it Recliam $300?

BNB bulls could move closer to their $300 price target if the spike in user activity continues. However, over the past week, the steadfast long-term holders have vigorously defended the $230 support level. Additionally, the Market-Value to Realized-Value (MVRV) data of Santiment suggests that they may now push for additional gains.

The majority of holders who acquired BNB within the past thirty days are sitting on profits of approximately 9% at the current price of $244. They are likely to wait until they reach $270 to break even before selling, as evidenced by their previous trading patterns.

However, if BNB manages to break through that barrier, the bulls will be able to accelerate the rally toward the $300 level before taking profits.

However, if the BNB price falls below the crucial $230 support, the bears may overturn the bullish projection. Investors, on the other hand, who want to keep their losses above the 15% range may offer support in that area.

BNB may fall toward the $203-20% loss range if that support level collapses. However, inadvertently triggering a rebound, dissatisfied holders may choose to reduce their losses.

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