BNB’s growth trajectory over the years mirrors the performance of the crypto exchange Binance, which rose as the exchange grew. This has led to it becoming one of the largest cryptocurrencies by market capitalization, and as the market picks up again, expectations about where the BNB price could end up are starting to resurface.
BNB Bullish Triggers are lining up again
Crypto analyst Melikatrader94 on the TradingView website has done just that outlined a trading plan for BNB, showing that the bullish factors are starting to align one more. The first example of this is the fact that BNB has formed a clear double bottom on the daily chart.
Historically, a double bottom formation on the daily chart means a trading reversal is coming. Since the trend at the time of formation was bearish, this marks a turn for the bulls. This is evident from BNB’s performance over the past week is rising rapidly again.
The crypto analyst highlighted that the initial resistance at the neckline was between $680 and $690, and the performance over the past week has seen the price beat this resistance. This brings the price to the next level towards its real target.
How high can the price go?
After the break above the neckline resistance, the crypto analyst says that this is a confirmation of the double bottom breakout. As a result, they say it is better to wait for BNB price to retest this resistance, which would then be a confirmation for the uptrend.
Once this breakout pattern is fully confirmed, the crypto analyst places the BNB price for $780. This would confirm the climb that started last week and continued all weekend. If momentum is maintained, it is possible that BNB will continue to push for even higher prices above this target, potentially reaching $1,000 in an optimistic scenario.
Other factors contributing to the bullish situation include the fact that the BNB RSI is printing higher lows. As the post explains: “Complimenting the bullish situation, the RSI continues to print higher lows, highlighting strengthening momentum and growing buyer participation despite the recent consolidation.”