Cryptocurrency enthusiasts and investors have been eyeing Binance Coin (BNB) for a long time as the token has steadily risen in price during the bull market. BNB, a cornerstone asset in the Binance ecosystem, is up 5% over the past week, trading at a notable $596 price point. As the cryptocurrency market is poised for further growth, crypto analytics platforms are full of predictions hinting at a promising trajectory for BNB in the coming weeks.

June 20. Potential milestone for BNB

BNB could surge 19% by June 20, reaching a new benchmark price of $700, according to forecasts from CoinCodex, an authoritative source of cryptocurrency information. This forecast is consistent with the overarching bullish sentiment permeating the market, fueled by Bitcoin's steady rise towards the $70,000 mark. If BNB fulfills this forecast, it will signal a significant achievement for the token and mark a remarkable milestone in its journey.

Additionally, CoinCodex predicts faster growth in the value of BNB, estimating a 4% increase in the value of BNB to reach $652 by May 30, 2024. These forecasts are based on both positive and negative trends observed in the market, which suggests a favorable trading environment for BNB in the future.

According to technical analysis, CoinCodex offers information derived from a variety of indicators. CoinCodex indicates bullish sentiment prevailing in the market, highlighted by a Fear and Greed Index score of 76, indicating extreme greed. Moreover, BNB recorded a notable 47% green days last month, accompanied by modest price volatility of 2.44%.

Binance, the world's largest centralized exchange, has played a major role in the recent rise in BNB prices. The exchange's introduction of Word of the Day (WOTD) games has attracted significant attention from the crypto community. This educational initiative not only offers valuable information on market developments and crypto vocabulary, but also provides participants with the opportunity to earn rewards from a pool of 500,000 Binance Points. 

Despite today's slight drop, technical indicators point to a strong position for BNB. The Relative Strength Index (RSI) has dropped below 50, indicating that BNB may be resold at the current price, potentially setting the stage for a recovery. Additionally, the 30-day moving average moved closer to the 200-day moving average, signaling short-term weakness. The recent crossover suggests a potential resumption of upward momentum. 

Moreover, with a 24-hour trading volume of $2.5 billion, double that of previous days, interest in BNB remains high. Derivatives markets are reflecting bullish sentiment, with over $60 million of leveraged LONG positions deployed at $548.6, significantly outweighing active SHORT contracts.