Can BNB Price Surge Any Higher Than This New ATH? Analysts Take
After three years of tries, Binance Coin (BNB) set a new all-time high record of $712.59 just yesterday, becoming a major event in the crypto industry. The BNB investors have gone through many ups and downs, especially with the legal disputes with the Binance exchange and ex-CEO. However, despite the odds, the BNB price is in the best zone. It is currently trading at $700.82 with a market cap of $103,198,176,023 and a trading volume of $2,856,434,209.
With this rise comes the confusion of whether this was the best or if the BNB price can rise any higher. Let us discuss that in this blog.
What do The Technical Indicators say About BNB Price?
In the last day, Binance Coin price has declined 4.30% and is moving away from the newly set ATH. This decline comes as the correction post setting the top value, and the sellers line up to sell at the best price. However, this isn’t always a continuous decline as the price moves up again after the correction. The same might happen for the BNB price, as the altcoin is highly bullish.
As per the technical indicators in the last one-hour time-frame, five indicators, including the STOCK (9,6), Moving Average Convergence Divergence (12, 26), and three other important indicators speak of the increased buying, whereas the ROC and Bull/Bears power, indicate the Selling pressure. More importantly, the Relative Strength Index is 54.12, which is in the neutral zone, explaining the balance between selling and buying.
Overall, the technical indicators and moving averages conclude a Buying zone, which will lead to an increase in BNB price than the current $700 mark.
However, per the last 24-hour data, the RSI index value is at 79.738, which indicates the overbuying zone. It is a problematic point as the BNB price might face corrections to neutralize the overbuying of BNB. A few other indicators also speak of the same. Hence, a correction might happen before the price recovers because of the bullish nature of BNB and the increased greed among investors.
Analysts Claims BNB Price To Surge To $1000
Sheldon the Sniper, a crypto analyst, had earlier predicted the BNB price surging to as high as $1000 once the chart enters the $700 range. The analysis came on the 4th of June, and Sheldon highlighted the highly bullish nature of BNB, which might push its price way higher to $1000.
$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
Kaleo, another crypto analyst, has also presented a correlation between the ongoing market conditions and the previous bull runs market conditions. As per him, Bitcoin, Ethereum, Solana, and BNB are entering the price discovery zone, and the same conditions led to the bull run last time. More importantly, BNB was an early leader in that bull market. He also highlighted that it is true that, “history doesn’t always repeat itself, but it often rhymes.”
Final Thoughts
Various factors, including the increased binance launchpad and launch pool activity, Binance’s trading volume incentive program, the introduction of MEV solution, and others, led to this current hike to ATH. The same factors still exist in the market and can push the BNB price again. More importantly, the technical indicators also speak of the same. So let’s see how the charts will move for this altcoin.
Continue Reading 5 Meme Coins To Buy If You Want to Turn $10 into $100 This Week
The post Can BNB Price Surge Any Higher Than This New ATH? Analysts Take appeared first on CoinGape.