BNB could hit a new all-time high. Here are three metrics that indicate this

The price of the BNB token, created by the largest cryptocurrency exchange Binance, could surpass its all-time high price. Indeed, more and more metrics indicate that Binance will remain a major player in the crypto sector.

Cryptocurrency BNB (formerly Binance Coin) is among the cryptocurrencies that have seen the biggest increase in their price this year. However, it remains somewhat in the shadow of other cryptocurrencies such as Bitcoin (BTC) , Ethereum (ETH) or Solana (SOL) .

Since the beginning of January, the cryptocurrency, BNB, has increased by almost 80% , and this is already counting the slight correction that took place last week.

In March alone, the price increased by more than 35%. The current price of BNB is $555.8 . The question arose in the crypto community as to whether this token can surpass its all-time high.

This high so far dates back to May 10, 2021, when it traded at $690. Specifically, there are three indicators that indicate that this could happen. What are they?

Binance is steadily growing in trading volume

After Binance's problems related to regulatory violations that ended with the departure of Binance CEO Changpeng Zhao and a huge fine, the exchange managed to stabilize trading volume he collapsed during the settlement of the dispute.

Data from CCData, a cryptocurrency data company, shows that Binance's market share has grown consistently every month since October 2023. (Report)

Binance absolutely dominates crypto exchanges . On March 20, $178 billion worth of cryptocurrency trades were made on Binance, according to CoinGeco data, with a total of $41.7 billion on Binance. To illustrate, the second in this statistic is the ByBit exchange with "only" 7.5 billion USD.

Increased activity on BNB Chain and BNB Smart Chain

BNB Chain, which is Binance's own blockchain , has also felt the effects of regulatory issues significantly. However, BNB Chain is starting to recover.

DefiLlama statistics show that the total value locked on the BNB Chain has increased by 54% since the beginning of 2024. This shows that users and developers are increasingly interacting with the network.

Additionally, BNB Chain still remains a powerhouse among tier one blockchains. According to DappRadar data, it has processed 7 million transactions in the last 30 days. At the same time, it also leads in the number of unique wallets that have interacted with the protocol in the last 30 days. That's almost 4x more than Ethereum.

MACD and key levels

The price of BNB is still around 20% below its all-time high. However, the MACD (Moving Average Convergence Divergence) indicator is still positive. This is calculated as the difference between a moving average of length 12 and a moving average of length 26.

An exponential moving average of length 9 is then used as a signal curve. A buy signal is created when the MACD curve rises above the exponential moving average. A sell signal is generated on the contrary.

With the MACD still positive, it means that market conditions are still bullish.

The key levels to watch in this context are the $550 and $660 levels.