Binance Coin Price Prediction as BNB Reaches Highest Level Since November 2022 – Time to Buy?
Binance’s native BNB coin has just hit $359, reaching its highest level since November 5, 2022, when the token traded at $353, according to data by CoinGecko.
BNB’s rally comes amidst market-wide growth across the cryptocurrency sector. Market leader Bitcoin rose 12% in the last week while its closest contender, Ethereum, posted 14% gains. BNB’s own 7-day growth spurt added 10%.
About 3.3% of its gains happened in the last 24 hours, making the exchange token the fastest climber among the top 5 cryptocurrencies by market capitalization.
The rally comes after the US Treasury stated in a Congressional hearing that crypto may not have facilitated as many illegal money transfers to terrorist organizations as previously reported in the media. Binance’s lax anti-money laundering (AML) and know-your-client (KYC) policies had played a big role in facilitating the funding.
Yesterday a report in Bloomberg said that New York law firm Sullivan & Cromwell tops the list of firms lining up to be the exchange’s independent monitor. Binance’s guilty plea deal with the Department of Justice and the US Treasury for AML and sanctions charges involves accepting appointed monitorships.
The BNB token could rise even higher, according to charts. Prices have consistently gone up over the last three months, helping the token trade above its 30-day moving average today. Its current Relative Strength Index (RSI) of 62 suggests the recent price movement is appropriately valued, indicating potential for further near-term gains.
While Binance’s BNB appears relatively safe, the spate of bad press surrounding the exchange and its former CEO Changpeng “CZ” Zhao could mean uncertain long-term prospects.
Binance is currently fielding multiple lawsuits and probes
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