Analyst Reveals His Target For BNB Price This Cycle

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As a seasoned researcher with over a decade of experience in analyzing financial markets, I find myself intrigued by the optimistic outlook for Binance Coin (BNB). While the recent drop to $622 is concerning, my analysis suggests that this could be a temporary setback rather than a sign of a larger trend reversal.

On Friday, November 15, I witnessed a pullback in the BNB price, dipping down to around $622. This retreat came as the recent bullish momentum started to wane, causing a drop of over 6% from its peak this week. Consequently, the market capitalization now stands at approximately $89 billion. Interestingly, other well-known cryptocurrencies like Bitcoin and Ether also experienced similar performance. Despite this temporary setback, analysts remain hopeful that the Binance Coin price still has potential for growth, with many bullish investors aiming for a price of $1,000 or higher.

BNB Price Could Rebound As Analyst Calls It a “Fantastic Play”

Crypto experts predict that Binance Coin’s price might surge beyond $1,500 during the current bull market, according to some analysts like Mando CT who have over half a million followers on X. They consider Binance Coin an excellent investment opportunity for long-term investors.

He cited technicals, which shows that the coin has formed a bullish flag and a cup and handle pattern, two popular continuation signs. A flag is characterized by a long flag pole and a rectangular pattern. 

Alternatively, the cup and handle pattern consists of a base that’s shaped like a round bowl, followed by a period of retreat or stability. Typically, after a bullish breakout occurs in such patterns, they tend to result in further profits.

Other cryptocurrency analysts are optimistic about the price of BNB. Ash Crypto, a well-known expert with over 1.2 million followers, predicts it will reach anywhere from $900 to $1,400 this year. If it reaches the lower end of his forecast, that would represent a 45% increase from its current level.

crypto enthusiast, Rand, anticipates that the coin will soon finish its phase of consolidation, possibly paving the way for a strong resurgence.

Binance Coin Price Needs To Flip $720 First

Looking at the day-to-day graph, we notice that the BNB coin hit a low of $401 in August before rebounding to its current price of $622. This upward trend occurred alongside Bitcoin and other altcoins’ recovery, as well as the growth of the BNB ecosystem.

After a significant move, BNB has returned to its peak of $617.57 reached on September 29, marking a break and retest pattern. This price level also coincides with the upper boundary of the long-term ascending triangle pattern in black.

Additionally, it’s exhibiting a reversal pattern known as an “inverted head and shoulders,” a commonly recognized bullish signal. Currently, it sits above both its 50-day and 100-day moving averages.

Given the current market trends, it’s plausible that Binance Coin could experience a strong upward surge, potentially aiming to revisit its peak price of $720. Should this occur, it might continue to climb and reach even $1,000.

If the price falls below $570 (the bottom of the ascending triangle structure), then the bullish perspective might no longer hold true. In such a case, the price could potentially dip down to $401, which represents the peak (head) of the inverted Head and Shoulders pattern.

The bullish Binance Coin forecast will depend mostly on its ecosystem growth and the performance of the crypto industry, with analysts expecting Bitcoin to jump to $100k. Additionally, there are signs that its ecosystem is doing well, with its DEX volume soaring by 95% in the last seven days to $10.65 billion. 

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2024-11-15 14:24