BNB Soars: Analyst Predicts $1000 Breakout as Binance Coin Hits New Yearly High

 

Binance Coin (BNB), the native token of the world’s largest cryptocurrency exchange, is on a bullish trajectory, experiencing a notable 7% surge within the past 24 hours. This upward movement underscores the overall positive trend in the crypto market, positioning BNB ahead of the top five cryptocurrencies in terms of performance. Recently, BNB achieved a significant milestone, surpassing its previous yearly high of $645 from March, reaching a new peak of $673.

Bullish Momentum Towards $1,000?

Renowned market expert “Sheldon The Sniper” predicts that BNB is set to lead the altcoin market in the ongoing bull run, with a target of $1,000 if the current uptrend continues. Sheldon’s optimistic outlook highlights that Binance’s token is “looking extremely bullish” and is anticipated to break past its previous all-time high of $686, set in May 2021, despite being currently down 2.2% from that level.

Similarly, crypto analyst Kaleo points out that while Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the spotlight, BNB is poised to enter a “phase of price discovery.” Kaleo recalls BNB's significant role as an early leader in the previous bull market, suggesting a potential repeat of history. During the 2021 bull run, BNB saw substantial growth, rising by 50% in late 2021.

Following the conviction of Binance’s CEO Changpeng Zhao in April, regulatory scrutiny around the exchange has lessened. This reduction in regulatory pressure positions Binance and its native token favorably to capitalize on anticipated institutional inflows and an increase in trading volume.

Trading Volume and Market Cap Surge

Data from CoinGecko reveals a 15% increase in BNB’s trading volume over the past 24 hours, reaching an impressive $2.3 billion compared to the previous day. Binance Coin's market capitalization now stands at $102 billion, reflecting a gain of over $6 billion within a 24-hour period. This significant uptrend highlights renewed investor interest and capital inflow.

The sustainability of BNB’s uptrend remains to be seen, with key levels to monitor for potential scenarios of sustained bullish momentum or price correction. If the bullish trend persists, the next significant resistance levels on the BNB/USD daily chart are at $671 and $676, which are critical hurdles for further upward movement. Conversely, bulls must defend the $633 level, as a breach between this support level and the current price of $668 could result in significant losses if a retest occurs.

Conclusion

Binance Coin's recent performance has outshone major cryptocurrencies, achieving new milestones and generating excitement among traders and investors. With analysts expressing optimism about its future, BNB’s potential to surpass its previous all-time high and lead the current bull market is garnering considerable attention. As BNB continues to perform strongly, all eyes will be on its next moves and potential to reach the $1,000 mark.

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