BNB Price Analysis: Binance Coin Bulls to Eye $1000 On Major Pattern Breakout
BNB price analysis: Binance Coin price broke an all-time high on June 5, breaking $100 billion market cap and triggering a flurry of interest among investors. The daily trading volume soared above $4 billion, but has now cooled down to $1.8 billion.
The price of the asset was $696 during European business hours on Thursday, a 1.4% decrease in 24 hours and 16.9% in 7 days.
BNB Price Analysis: Massive Bull Flag Predicts BNB to $1000
BNB price has remained bullish for the longest time since Binance, a major player in the crypto industry. The price of Binance coin remains above the 50-day and 200-day simple moving averages (SMA), a bullish signal.
Following the March 2024 general market pump sponsored by Bitcoin, BNB surged to $650, and in the ensuing market correction, the asset entered into a consolidation zone. The price action later resolved into an ascending triangle.
BNB price broke out of the ascending triangle on June 4, hitting an all-time high of $716. The market sentiment around BNB is still bullish as investors anticipate the asset to reach $1000 soon.
On its way up, BNB’s price may encounter resistance around $732, $850, and $1000. Conversely, the 50-day SMA provides support for around $597.
BNB Price Future Outlook
Coincidentally, BNB’s price surge to a new all-time high happens around the same time Changpeng ‘CZ’ Zhao’s prison sentence begins. Initially, the SEC’s case against CZ negatively impacted the Binance ecosystem, resulting in reduced volumes and market share.
However, as the crypto community began to rally behind CZ and Binance, the king of crypto exchanges regained its momentum following the end of the court case.
Aside from this, the recent back-to-back listing of major cryptocurrencies on the exchange has also contributed to the rise in volume and price of the asset. The most recent notable listing, Notcoin, greatly increased the onboarding of new users to crypto, and consequently, on the Binance platform, as they rushed to cash out their airdrop.
Famous crypto analyst Sheldon The Sniper stated that the BNB price chart is extremely bullish, citing $1000 as the next potential target.
$BNB looking extremely bullish , soon to break all time high’s . Then $1000 next target
Another coin to lead altcoin run pic.twitter.com/nXKaSnTrpI
— Sheldon The Sniper (@Sheldon_Sniper) June 4, 2024
As BNB breaks all-time high prices, a similar phenomenon to what was witnessed on the Solana network may occur on the Binance Smart Chain. Meme coins on the chain are already starting to pop off as investors begin to scout for potential gems.
Bottom Line
The crypto industry is growing and as it matures, the impact of the SEC’s onslaught on crypto projects diminishes by the day. In the past, SEC’s lawsuits would cripple entire projects, but now, the crypto community is more resilient and united. Investors are watching BNB price for potential entry points as it prepares to go into price discovery.
The post BNB Price Analysis: Binance Coin Bulls to Eye $1000 On Major Pattern Breakout appeared first on CoinGape.