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Binance Coin (BNB): Heading towards the moon?

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Binance Coin (BNB) has rocked and shocked the market with the growth it has been able to achieve in the bull run. Binance coin went up from being an underdog to the third ranked cryptocurrency in terms of market capitalization. In the yearly timeframe, BNB coin has nearly 3,000% returns. It appears that BNB coin is still in a bull run as the cryptocurrency is vying for higher highs every day – with the market sentiment strongly bullish. Binance coin established a new all-time high at $641. At the time of writing, BNB coin stands at a price level of $634. The price has gone up by 5% in the past twenty-four hours while the daily trading volume of $3,642,646,899 has decreased slightly.

Binance Coin (BNB) technical analysis

The technical indicators for Binance coin stand at a neutral position. Out of the 26 total indicators, fourteen are giving out a signal of buy with nine neutral indications and three signals of sell. The oscillators and moving averages are both neutral.

Binance coin has been identified to be operating in an ascending channel formation by many traders. According to trader Cassido, the upward channel formed during the last week of March and appears to be going strong. Binance had been oscillating up and down in the channel but the downward volatility of BNB coins may appear to be slowing. The trader has set a target price of $675 for BNB crypto. Furthermore, important support levels have also been identified. Per the trader the price level of $597 followed by $578 will be acting as strong support zones for Binance Coin.

BNB coin price prediction

The phenomenal performance of the cryptocurrency has garnered it a lot of attention. BNB coin is now the third largest coin which bring the spotlight straight onto it. Investors believe in the technology behind the project and the potential of BNB coin is said to put Binance cryptocurrency near the moon in the long term.

Wallet Investor’s forecasts place BNB coin at a price level of $849 in a year’s time while the 5-year forecast predicts BNB to be operating at $1,770. The predictions of Digital Coin Price are much more bullish and place BNB coin at above $1,000 in a year’s time while the five-year price of BNB is expected to be at $2,784. However, not all predictions are as optimistic. Trading Beasts predicts a fall in price to $443 by the end of this year but the price to pick back up again by the end of 2024 at $811.

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