Binance Coin (BNB) is on fire along with several other crypto coins. Can BNB reach $1000 mark in the crypto bull run?
BNB coin is having a resistance breakout. Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it’s advance. Following a resistance breakout, the next closest resistance zone becomes a price target.
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BNB Price Target
- Current Price: $632.17
- Market Cap: Approximately $105 billion
- 24-Hour Trading Volume: Around $2 billion
- Circulating Supply: 167 million BNB
- Total Supply: 200 million BNB
Price is in an Uptrend and has finally broke above $600-$620 resistance where it’s got rejected several times in recent months.
This could signal uptrend resumption to the next resistance of $720 for a +20% potential gain. Stop Loss at $547.
Weekly Price Analysis
- Support Level: The primary support level sits around $611.77, marking a potential zone for consolidation or a buy-in opportunity.
- Resistance Levels: $621.51 and $650 are pivotal resistance targets.
- Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up, Long-term trend is Strong Up.
- Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently.
- Support and Resistance: Nearest Support Zone is $500.00, then $450.00. Nearest Resistance Zone is $720.00.
Recent Developments and News
- Trump Election Effect: The “Trump Pump” has been a notable influence, with market enthusiasm driving BNB prices upward, echoing patterns seen with other major coins.
- FTX Lawsuit Impact: BNB has experienced slight market instability due to FTX and Alameda’s $1.9 billion lawsuit against Binance.
- Binance’s Expansion: Binance’s collaboration with Google Cloud, which includes $10 million in support for the BNB Chain MVB program, is a strategic move to enhance AI, DeFi, and NFT project development on BNB Chain.
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