Despite the market decline, BNB coin remains resilient and aims for a peak of $800-1000. Support from the strong Binance platform and increased network activity support BNB. Technical analysis predicts a potential upswing with a possible significant peak.
Despite today’s and previous declines, the price of BNB coin remains strong. Despite the drop below $600, unlike most altcoins that rushed to the bottom support, the price of BNB coin did not stray too far from $600.
If the big drop had not occurred on March 20, the price would have consolidated between $500 and $620 and was ready to sprint to a new ATH. However, the volatility of Bitcoin price changed this situation.
BNB coin is aiming for a new peak of $800-1000, and three important supporters make this peak meaningful.
This is the first reason. It is supported by altcoin giants like Binance, which is still the largest exchange in the world by trading volume.
Moreover, since the Sino-US issue has been basically resolved, the structural risk has also decreased. Since the agreement was signed in November, there have been no negative consequences. Not many people seem to care about Binance CEO Changpeng Zhao being sentenced to four months in prison and the exchange paying a $4.3 billion fine.
Data from CCData shows that Binance trading volume accounted for 33.8% of all spot trading volume in April.
On April 30, the total locked value (TVL) of the Binance Chain network increased from $4.99 billion to $6 billion, reflecting the strong interest. The rapid growth of the total value locked on the BNB chain also shows why the price of BNB has remained strong.
While hype altcoins like SOL Coin have not seen token price growth proportional to TVL, a price bubble is forming, although BNB's bubble may be more limited.
BNB Chain hosts 5,315 DApps, an increase of 8% from last week. Therefore, investor interest and developer favor remain strong.
Technical Analysis: The third reason for the rise is the bullish pennant shared by Chart World. According to reports, 🤑qun楂玮:zy50871 The goal of this pattern is to reach a new high of $1,000. Another analyst, Captain Faibik, mentioned that we are approaching the breakout stage of the main rebound and may see a 40% increase.
If the $610 and $650 areas (upper trendline of the pennant) are surpassed, larger peaks of $690 and $800 may be targeted.
