Will Binance Coin get back his short -lived fame in June or not?

will the youngest flood of Hacks by Binance Smart Chain bring a bear for Binance Coin?

As a fourth largest coin after market capitalization, Binance Coin (BNB) had made a big price jump in the past few months. But will the Binance Coin rise or fall in June if you are putting down great corrections and flash loan attacks on the Binance Smart Chain are worrying?

Binance Coin only started a bit below $ 37.5 in 2021, but rose quickly and reached a maximum of $ 676 before there were sharp corrections. On June 12, it is half of the value of $ 331. Many believe that she has now ended her big bull run and has found a calm value, while others believe that this is only a small setback from which she will recover.

What does June have for the further developed stock market token in stock? Let's take a look.

BNB 1-year performance and current price

Source: Coinmarketcap

In mid-June 2020, BNB was still a low-priced coin worth $ 16. At that time it was more or less a stock market token for the Binance exchange that grants discounts on a trade fee on the platform. When Defi started turning and Binance launched his Binance Smart Chain (a smart contract-capable parallel blockchain to his Binance Chain), things became interesting.

The Binance Coin quickly got value and reached its all -time high of $ 676 on May 3, 2021. When the BNB and the cryptom market generally went out the breath, many coins experienced a drop in prices, as did the BNB. Today it costs $ 331, which corresponds to 50% of its ATH, but still an amazing performance, as this is growth of 2068% in just 12 months.

Binance Coin price factors in June 2021

There are some factors in the crypto arena that can influence the BNB price.

defi-further growth

At its peak, the Total Value Locked (TVL) in defi projects was around $ 86.191 billion just one month ago on May 12th. With the cooling of the mood, the value has dropped to $ 56.3 billion, but even then the BSC retains more than 45 % of this blocked value at $ 25.64 billion.

Source: www.defistation.com

As a large defi blockchain, the increased use of defi protocols by BSC can drive up the value of Binance Coin in June, since Defi is more and more worth it.

attacks on flash loans

The last few weeks were filled with seven different defi platforms that were on BSC and were exposed to flash loan attacks in which malicious actors were able to take advantage of the Smart Contracts in order to buy a flash loan (a quick and insecure loan, which normally has to be repaid within a period), buy other assets in the value of the value, whereby the value the latter rose towards the loan, and then sell immediately to return the borrowed amount and to keep the profits.

The weak points, although not on Binance Smart Chain itself, but on platforms based on it, have an impact on Binance Coin with the recent attack on June 4th. Binance has asked developers to better encode their applications, and even offered free consultations from Peckshield and Certik Security Leaderboard, two famous blockchain security companies.

While a robust security measure will probably have no positive effects on the BNB price at short notice, another exploit will push its value further down.

Binance Coin forecast

The crypto world has recently been shaken by the fact that different governments take different positions on cryptocurrencies, and this can have both positive and negative effects on the Bony Coin price. In the meantime, let us put the fundamental indicators aside and see what different technical analysts have to say about the BNB price forecast.

Source: www.gov.capital

With its proprietary machine learning system, GOV Capital can absorb a variety of inputs such as volume, past performances and market cycles. According to the platform, the short-term negative trend will continue and the month with BNB could close $ 173 with an optimistic maximum price at $ 190 and a pessimistic result.

Source: Binance

If you look at the 1-day candlesticks from BNB, the trend also shows the same thing for the MACD. The magenta -colored line (MACD) in the lower graphic is about to decrease crossover, which means that prices will probably fall. At the end of June, the Binance Coin could fall under the middle $ 200 brand.

The two predictions above give the same view of a slightly declining Binance Coin market. Of course, this is a purely technical analysis that uses price movements and past trends. A change in the market mood could reverse this downward movement (or possibly drive faster).

An important basic step that BNB can continue to drive into the red is another exploit for one of the various defi protocols that constantly appear in the chain. Apart from that, every step of a large country will contribute to the containment of the cryptocurrencies.

On the other hand, an important defi booster will be the budget proposed by President Biden. The estimated $ 6 trillion will lead to more fiat injections in the US economy, which will simply lead to inflation and further falling interest.

A huge amount of dollars (real and virtual) was printed by the Federal Reserve as part of the Coronavirus Financing of the former president Trump, and this was an important drive to push people to invest in cryptocurrencies and defi-based agriculture, which finally led to a boom for BNB than BSC-based platforms, To put on investments.

Please note that the above -mentioned article is a purely opinion -based contribution based on relevant available data. It should not be considered direct investment advice.