Connect with us

Price Analysis

Binance Coin (BNB) Bulls Pumped, Time for BNB/USD To Reach $1k?

Published

on

daily-price-analysis-cryptocurrency

The Binance Coin (BNB) remains one of the top performers.

Lodged at 3rd, BNB is up an impressive 32X year-to-date, changing hands at around $540, and is paring losses with the greenback in the last week of trading.

BNB is ready for $1k

Technically, bulls are in control, which explains why analysts are upbeat about what lies ahead for BNB.

Take, for example, TraderProSignals, who on Trading View said the BNB/USDT price is ready for another leg up towards $790 before breaking above $1k.

TraderProSignals--BNBUSD

If anything, BNB wasn’t spared by the losses of early last week. However, unlike some periphery altcoins that continue to slide under sell pressure, the BNB contraction was contained.

BNB/USD is steady, reversing losses and, as aforementioned, has pared losses.

Using the Fibonacci retracement tool, he predicts the BNB/USD price to bounce off from the 50 and 61.8 percent zone of the recent trade range—at between $430 and $480, before racing to over $1k.

The rapidity of the uptrend depends on how strong the breakout above the pennant and the broader bull flag is in the days ahead. With the BNB/USD oversold, as the RSI technical indicator shows, the uptrend opens up more opportunities for aggressive traders expecting more gains.

It is either $1.3k or $230 for Binance Coin (BNB)

Yet, for another trader, the current BNB/USDT price action reveals strife and a valid contention between buyers and sellers.

Accordingly, there are two possible outcomes for the BNB coin in the immediate term as laid out by P_S_trade on Trading View.

P_S_trade--BNBUSD

In his view, the BNB price can continue waving higher in the medium term inside a rising channel. That will ultimately lift the coin higher, first to $790 before $815, and later $890 in the immediate term.

However, if there is an accumulation causing the BNB/USDT price breaks above the resistance trend line of the rising channel in the 12-hour time frames, BNB prices would sprint higher towards $1.3k—printing a new 2021 high.

On the other hand, if bears clip bulls’ momentum, a break below $400 in continuation and confirmation of the deluge of sell pressure of early last week could see the third most valuable currency trickle lower towards the $215 to $230 zone in the coming few weeks.

Still, he remains upbeat. Gauging from how the BNB/USDT price action is laid out, he reassured one follower, saying the BNB price is likely to reach $1.3k in the medium term than $230.

Changpeng Zhao Turns Cryptic, interpreted to Mean BNB Bull Trend?

The CEO of Binance has a massive Twitter following and is vocal.

He uses the social media platform to announce, comment, and sometimes—like last week, comment on market conditions to assuage panicky traders.

A few days after BNB/USD slump dank, losing on Apr 18 and forcing prices to range, the CEO posted the following:

And as expected, traders interpreted this to mean another opportunity to accumulate BNB in preparation for a moonshot:

The only problem is, the path to $1k or “new peaks” isn’t in straight lines. The wavy can be horizontal or vertical as BNB/USD price action whipsaw below 2021 highs like it has been the case.

From the daily chart, BNB has strong support at $300—Apr 2021 lows. In the immediate term, there is support at around $430—Apr 18 lows, which is way above the $400 level that BNB technical traders are watching as a sell trigger.

Therefore, the “range” CZ mentioned earlier still defines the current BNB/USD price action.

If BNB prices surge above $600 and Apr 2021 highs, traders expect another leg up to new 2021 highs–confirming CZ’s talk of “new peaks.”

Disclaimer: Opinions expressed are not investment advice. Do your research.

cryptotelegram-telegram-banner

Passionate about Blockchain, Crypto, Blockchain, and Bitcoin. Excited of what lies ahead. Advocating adoption. HODLer!

Trending