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Analyst Claims BNB is in the Middle of a Bullish Breakout to $1,300 as Price Smashes New ATH
As the Binance coin continues to surge, analysts as well as top industry leaders believe that BNB could reach new heights soon. Crypto analyst Ali Charts, in particular, has hinted that the coin is in the middle of a bullish breakout
BNB Hits New All-Time High at $928
Building on the back of another leg up starting earlier in the week, Binance Coin (BNB) has surged by over 8% over the last 7 days. This surge has pushed BNB to a new all-time high at $928, as per CoinMarketCap
While the coin is currently down to $927.57, the price sits up by 2.1% over the last 24 hours. Binance Coinโs market capitalization has also surged to $129.1 billion, outperforming top global companies including BlackRock, Tata and even Union Bank of Switzerland (UBS). Earlier today, Whale Insider shared;
โ$BNB overtakes Union Bank of Switzerland, the worldโs largest private bank, in market capitalization.โ
With continued momentum, BNB could embark on further momentum pushing the price even higher. In fact, crypto analyst Ali Charts believes that BNB could continue to surge above $1,000 and onwards. In an analysis shared on X (formerly twitter) the analyst eyes a BNB rally to $1,300.
โ$BNB in the middle of a bullish breakout! Target sits at $1,300,โ Ali Charts wrote in a recent post
If BNB continues to rally, the $1,300 mark could be plausible. However, there is a risk of short-term price correction before the next leg up towards $1,000
RSI Points to Potential Momentum Slow Down
Despite being on a strong bullish run, the technical indicators of BNB suggest that the momentum could slow down. The Relative Strength Index (RSI) of BNB, for instance, currently sits just below the overbought level at 70. BNBโs RSI currently has a reading of 69.42 as per the daily chart on TradingView
In the short-term, BNB investors must thus remain cautious as the price could be primed for a slight reversal. However, overall, the coin has depicted strong bullish momentum which could push the price above $1,000 in the foreseeable future