Analyst Reveals His Target For BNB Price This Cycle
BNB price recoiled to $622 on Friday, November 15 as the recent bull run faded. It has dropped by over 6% from its highest level this week, bringing its market cap to $89 billion. This retreat mirrored the performance of other popular cryptocurrencies like Bitcoin and Ether. Still, analysts are optimistic that the Binance Coin price has more room to run, as bulls target $1,000.
BNB Price Could Rebound As Analyst Calls It a “Fantastic Play”
Crypto analysts believe that the Binance Coin price still has bullish catalysts that could push it above $1,500 in the ongoing bull run. In an X post, Mando CT, an analyst with over 590,000 followers, called BNB a fantastic play for long-term holders.
He cited technicals, which shows that the coin has formed a bullish flag and a cup and handle pattern, two popular continuation signs. A flag is characterized by a long flag pole and a rectangular pattern.
On the other hand, the cup and handle is made up of a rounded bottom followed by a pullback or consolidation. In most cases, these patterns lead to more gains once a bullish breakout happens.
Other crypto analysts are bullish on BNB price. Ash Crypto, a pro with over 1.2 million followers, see it rising to between $900 and $1.400 this year. A jump to the lower side of his estimate would imply a 45% increase from the current level.
Crypto Rand believes that it is just a matter of time before the coin completes its consolidation, leading to a potential comeback.
Binance Coin Price Needs To Flip $720 First
Turning to the daily chart, we see that the BNB coin bottomed at $401 in August and then bounced back to $622 today. This recovery happened as Bitcoin and most altcoins bounced back, and as the BNB ecosystem boomed.
BNB has made a break and retest pattern by moving back to the key point at $617.57, its highest swing on September 29, and the upper side of the black ascending triangle pattern.
It has also formed an inverse head and shoulders pattern, which is a highly popular continuation sign. It remains above the 50-day and 100-day moving averages.
Therefore, Binance Coin will likely have a bullish breakout, as bulls attempt to retest the all-time high of $720. If this happens, it will rally and possibly move to $1,000.
The bullish view will become invalid if the price drops below $570, the lower side of the ascending triangle pattern. If this happens, it could even drop to $401, the head of the inverse H&S pattern.
The bullish Binance Coin forecast will depend mostly on its ecosystem growth and the performance of the crypto industry, with analysts expecting Bitcoin to jump to $100k. Additionally, there are signs that its ecosystem is doing well, with its DEX volume soaring by 95% in the last seven days to $10.65 billion.
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