BNB ‘Extremely Bullish’: Analyst Targets $1000 Breakout As It Hits New Yearly High
June 04 2024 - 10:00PM
NEWSBTC
Binance Coin (BNB), the native token of the world’s largest
cryptocurrency exchange, has experienced a notable surge of 7%
within the past 24 hours. This upward movement reflects the
overall positive trend in the market and places BNB ahead of the
top five cryptocurrencies in terms of
performance. Interestingly, an important milestone has been
achieved as BNB surpassed its previous yearly high of $645 from
March, as the token reached a high of $673 as of Tuesday. BNB
Primed For Bullish Surge To $1,000? Renowned market expert
“Sheldon The Sniper” believes that BNB is positioned to be one of
the leading altcoins in the ongoing bull market, with a target of
$1,000 if the current uptrend continues. Expressing an
optimistic outlook, Sheldon states that Binance’s token “is looking
extremely bullish” and is expected to surpass its previous all-time
high of $686, which was reached in May 2021, despite being
currently down 2.2% from that level. Related Reading: Crypto
Analyst Predicts Massive Solana Price Crash Using Elliott Waves
Another crypto analyst known as Kaleo draws attention to the
distractions surrounding Bitcoin (BTC), Ethereum (ETH), and Solana
(SOL) and emphasizes that BNB is on the verge of entering a “phase
of price discovery.” Kaleo reminds that BNB played a
significant role as an early leader in the previous bull market,
suggesting a potential repetition of history in the current market
cycle. During the 2021 bull market, BNB experienced substantial
growth of 50% in late 2021. In addition, following the
exchange’s CEO Changpeng Zhao’s conviction in April, the regulatory
scrutiny surrounding Binance has significantly reduced. This
positions the crypto platform and its native token favorably to
capitalize on anticipated institutional inflows and a surge in
trading volume. Trading Volume Soars To $2 Billion, Market Cap Hits
$100 Billion Data from CoinGecko reveals a substantial 15% increase
in BNB’s trading volume over the past 24 hours, reaching an
impressive $2.3 billion compared to the previous day’s trading
session. The market capitalization of Binance Coin currently
stands at $102 billion, indicating a notable uptrend as it has
gained over $6 billion within a 24-hour period, highlighting the
renewed interest and inflow of capital from investors. The
sustainability of BNB’s uptrend remains uncertain, and it is
crucial to monitor key levels in various potential scenarios,
including sustained bullish momentum or a price correction.
If the bullish trend continues, the next significant resistance
levels in the BNB/USD daily chart are at $671 and $676. These
levels represent three-year hurdles for the token and must be
overcome for further upward movement. Conversely, it is
essential for bulls to defend the $633 level, as a breach between
this support level and the current price of $668 could result in a
significant loss of gains if a retest occurs. Related Reading:
Crypto Pundit Shares “Inevitable” Prices For Bitcoin And 5 Altcoins
In sum, Binance Coin has showcased a significant performance in the
market, outperforming major cryptocurrencies and achieving new
milestones. With experts expressing optimism about its
future, BNB’s potential to surpass its previous all-time high and
lead the current bull market is generating considerable excitement
among traders and investors. Featured image from
Shutterstock, chart from TradingView.com
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