BNB price recoiled to $622 on Friday, November 15 as the recent bull run faded. It has dropped by over 6% from its highest level this week, bringing its market cap to $89 billion. This retreat mirrored the performance of other popular cryptocurrencies like Bitcoin and Ether. Still, analysts are optimistic that the Binance Coin price has more room to run, as bulls target $1,000.
BNB Price Could Rebound As Analyst Calls It a “Fantastic Play”
Crypto analysts believe that the Binance Coin price still has bullish catalysts that could push it above $1,500 in the ongoing bull run. In an X post, Mando CT, an analyst with over 590,000 followers, called BNB a fantastic play for long-term holders.
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.
On the other hand, the cup and handle is made up of a rounded bottom followed by a pullback or consolidation. In most cases, these patterns lead to more gains once a bullish breakout happens.
Other crypto analysts are bullish on BNB price. Ash Crypto, a pro with over 1.2 million followers, see it rising to between $900 and $1.400 this year. A jump to the lower side of his estimate would imply a 45% increase from the current level.
Crypto Rand believes that it is just a matter of time before the coin completes its consolidation, leading to a potential comeback.
Binance Coin Price Needs To Flip $720 First
Turning to the daily chart, we see that the BNB coin bottomed at $401 in August and then bounced back to $622 today. This recovery happened as Bitcoin and most altcoins bounced back, and as the BNB ecosystem boomed.
BNB has made a break and retest pattern by moving back to the key point at $617.57, its highest swing on September 29, and the upper side of the black ascending triangle pattern.
It has also formed an inverse head and shoulders pattern, which is a highly popular continuation sign. It remains above the 50-day and 100-day moving averages.
Therefore, Binance Coin will likely have a bullish breakout, as bulls attempt to retest the all-time high of $720. If this happens, it will rally and possibly move to $1,000.
The bullish view will become invalid if the price drops below $570, the lower side of the ascending triangle pattern. If this happens, it could even drop to $401, the head of the inverse H&S 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.
Frequently Asked Questions (FAQs)
Analysts are bullish on the BNB price because of its strong technicals and fundamentals. For example, its DeFi ecosystem is booming, while the developers are continually burning tokens.
The BNB coin price may rise to $1000 in this crypto bull run. This view will become valid if the coin flips the resistance at $720, the all-time high.
A drop below the support at $577 will invalidate the bullish sign and point to more downside, potentially to $400.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/analyst-reveals-his-target-for-bnb-price-this-cycle/
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