BNB is one of the best performers from the long and drawn-out bear market of 2022. Even now, the altcoin continues to show a lot of strength, indicating that its run is far from over. According to one crypto analyst, this expected run for the BNB price could last longer and drive the price higher than expected, predicting a price increase of over 800% from now on.
BNB shows strength on the monthly chart
A pseudonymous cryptanalyst who goes by the nickname Without Worries on the TradingView website did just that shared an interesting prospect for the BNB price. The analysis uses the BNB’s monthly chart, which shows that the altcoin remains bullish even after already rising more than 150% in the past year.
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Without Worries points out that BNB price action appears to be in an old uptrend channel. These types of channels are rare because it means the altcoin has been in this uptrend channel since launch. To put this into perspective, the crypto analyst points out that altcoins like Litecoin are one of the coins that have failed to maintain an old upward trend channel.
Furthermore, the analyst points out that BNB price is currently passing through its third resistance test at the time the first analysis was published, on June 3. This third resistance test comes after three years of consolidation. However, this time things look more bullish for the altcoin after the resistance test.
A major factor fueling the bullishness around BNB is the fact that the Stochastic RSI has crossed above 80. This is important because the last time this happened was in May 2020, just before the coin went through a full rally. “This is the same situation as today. The stochastic RSI continues to hold momentum for 182 days. Should history repeat itself, the momentum will continue until August/September,” the analyst said.
Price breaks out of resistance
In a follow-up post, crypto analyst Without Worries revealed that BNB price has now successfully broken out of the third resistance. Returning to the initial analysis, Without Worries points out that such a situation would cause a huge breakout for the BNB price.
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The top end of the target for the BNB price is at $6,000, which is a price increase of over 800% from here. “The bull flag pattern confirms a breakout AND support. A measured move off the flagpole of the latest resistance breakout takes the price action to $6,000,” the analyst said.
As for the time frame in which this will happen, the crypto analyst expects the rally to fully take place sometime in September. This means about 16 weeks or just under four months from now. If the analysis is correct, BNB is just getting started.
Featured image created with Dall.E, chart from Tradingview.com