BNB breaks record: Famous analyst announces price target!
Binance Coin (BNB) renewed its ATH by touching $775 with the rise in the market.
$BNB price gained a strong bullish momentum by rising to $775. The rise in the popular altcoin was triggered by the breaking of an important technical formation and the formation of a golden cross. In particular, the increasing trading volume in the parity and the analysts' views support a new bull run.
The recent rise in #BNB price is attributed to the breakout of the inverse head and shoulders pattern. This pattern usually signals the end of a downtrend. BNB breaking the $680-700 resistance level shows that this pattern has been confirmed and the pair is moving into a bullish trend.
The breakout of the inverse head and shoulders pattern indicates that the price target is up to $780, while the next major resistance level is seen at $800. However, some analysts think that BNB’s rally could go much further.
Crypto analyst Ali Martinez predicts that if BNB’s weekly close remains above $662, the price could rise to $1,630.
The 50-day simple moving average (SMA) on the BNB chart has crossed above the 200-day SMA, creating a golden cross. This development can be interpreted as a strong price action signal that BNB is expected to rise further in the long term.
The fact that the 50-day SMA is currently trading above the 200-day SMA suggests that BNB is still in the early stages of a long-term bull trend. Golden crosses are often seen before major increases. The possibility of BNB reaching $1,000 is also linked to this formation.
The area that short/medium term investors should pay attention to in declines is the $680-700 range. The $800 level can be followed as resistance.
