Binance Coin Price Prediction as BNB Overtakes XRP to Become 5th Largest Coin in the World – Can BNB Reach $1,000?
The price of Binance Coin (BNB) has fallen by 0.5% in the past 24 hours, with its drop to $213.55 coming as many other major tokens face similar falls.
This includes XRP, which has fallen a little harder than BNB in recent days, meaning that the latter has reclaimed its former place as the fifth-largest cryptocurrency in the market by capitalization.
Despite this good news for BNB, the exchange token remains down by 5% in a week and by 12% in the last 30 days, with the coin also down by 13% since the beginning of the year.
Yet its reclamation of the fifth spot in the market cap rankings may provide it with the momentum to mount a recovery, especially when it has been so oversold for such a long time.
BNB's indicators suggest that the altcoin has potentially bottomed out after declines over the past couple of months, with its 30-day moving average (yellow) now so far below its 200-day average (blue) that a recovery must soon be on the cards.
It's a similar story with the coin's relative strength index (purple), which has regained some ground after falling close to 20 in the middle August, meaning that BNB has been strongly oversold in recent weeks.
Some hope is provided by the fact that BNB's support level (green), which has inched upwards in the past couple of weeks, inviting the suspicion that the altcoin's recent downturn has bottomed out (at least for now).
However, it would perhaps be overly optimistic to expect a substantial comeback for BNB, even if XRP's declines have meant that BNB is now the fifth-biggest crypto in the market again.
On the one hand, the overall market remains subdued, with investor sentiment undermined by recent Bitcoin ETF delays and concerns surrounding the Chinese economy.
On the other, Binance
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