BNB Forecast: Analyst Predicts 800% Rally
BNB has emerged as one of the strongest performers following the extended bear market of 2022. Even in the current market, this altcoin displays remarkable strength, indicating that its upward trajectory may have more room to grow. According to a leading crypto analyst, BNB’s potential surge could surpass expectations, with a projected increase of over 800%.
BNB Strength on Monthly Chart
A pseudonymous crypto analyst, known as Without Worries on TradingView, has presented a compelling analysis of BNB’s price. Utilizing the monthly chart, the analyst highlights BNB’s bullish momentum, despite already witnessing a 150% rally in the past year.
- The BNB price action appears to be following a legacy uptrend channel, indicating sustained bullishness since its inception.
- Notably, BNB stands out as maintaining this channel, unlike other altcoins such as Litecoin.
- Currently, BNB faces its third resistance test after three years of consolidation, with indications of a more bullish outlook this time.
One significant bullish indicator is the Stochastic RSI crossing above 80, a pattern last observed in May 2020 preceding a significant rally. If historical trends repeat, momentum could continue until August or September, as per the analyst.
Price Breaks Out of Resistance
In a subsequent update, Without Worries reports BNB’s successful breakout from the third resistance. This development aligns with the earlier analysis, suggesting a potential massive breakout for the BNB price.
- The analyst sets the price target at $6,000, indicating an over 800% surge from the current levels.
- A bull flag pattern further confirms the breakout and support, with a measured move projecting the price action to $6,000.
Regarding the timeline, the crypto analyst anticipates the rally to unfold fully around September, translating to approximately 16 weeks or less than four months. If the analysis holds true, BNB’s ascent is just beginning.
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