BNB Bulls Eye $1000 After Major Breakout
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2024-06-06 10:36
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BNB’s breakout on June 5 pushed its market cap over $100 billion, sparking investor interest. This coincides with the start of Changpeng ‘CZ’ Zhao’s prison sentence.

 

Quick Take 

  • BNB hits a record high of $716, pushing its market cap over $100 billion. This milestone has significantly attracted investor attention, highlighting the growing confidence in Binance Coin.

  • The price surge of BNB coincides with the start of Changpeng Zhao’s (CZ) prison sentence. Despite initial concerns, the market's positive response suggests strong support for Binance’s leadership and future.

  • BNB is expected to target $1000 soon. Technical analysis shows that the coin is maintaining a bullish trend, with support levels indicating further potential for growth. 

BNB Price Hits New ATH

BNB/USDT reached a new all-time high (ATH) of $716 on June 5. The market cap broke $100 billion, attracting significant investor attention. The daily trading volume soared to over $4 billion but has now cooled to $1.8 billion. As of Thursday, BNB was trading at $696, a 1.4% decrease in 24 hours and 16.9% in seven days.

 

Various factors, including the increased Binance Launchpad and Launchpool 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.

 

Bullish Signals and Technical Analysis

BNB/USDT price chart | Source: KuCoin

 

The BNB price stays above the 50-day and 200-day simple moving averages (SMA), indicating a bullish trend. After a general market pump in March 2024, BNB surged to $650 and later consolidated. 

 

The price action formed an ascending triangle, and on June 4, BNB broke out, hitting an ATH of $716. Investors expect BNB to reach $1000 soon, with possible resistance at $732, $850, and $1000. The 50-day SMA provides support at around $597.

 

On 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.

 

Market Sentiment and Future Outlook

BNB's price surge coincides with Changpeng ‘CZ’ Zhao’s prison sentence. Initially, the SEC’s case against CZ negatively impacted Binance, reducing volumes and market share. 

 

However, the crypto community rallied behind CZ and Binance, regaining momentum after the court case ended. The recent listing of major cryptocurrencies, including Notcoin, boosted BNB’s volume and price. 

 

Analysts Claim BNB Price Could 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

The native token of the BNB Smart Chain (BNB), originally started by crypto exchange Binance, advanced 7% approaching its all-time record price and surpassing $100 billion in market capitalization. The token is benefiting from increased Binance Launchpool and Launchpad activities, where users can lock up BNB to participate in airdrops and new token launches.

 

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