As of May 7, 2025, Binance Coin (BNB) is trading at approximately $601.95, reflecting a modest daily gain of 0.55%.
๐ Technical Outlook
BNB is currently consolidating between $593 and $610. A decisive breakout above $610 could trigger a bullish rally, potentially aiming for the $1,000 mark, representing a 48% upside. Conversely, a drop below $593 might lead to a decline toward the $569 support level.
Recent chart patterns indicate a bullish pennant formation, suggesting a potential upward move.
๐ Short-Term Forecast
Analysts predict that BNB could reach around $608.14 by tomorrow, May 8, 2025, indicating a near-term upside of approximately 1%. Additionally, forecasts suggest a potential climb to $602.42 by the end of this week.
๐ Long-Term Projections
Standard Chartered projects that BNB could reach $1,275 by the end of 2025, supported by factors such as ETF filings and AI-driven tools. Looking further ahead, the bank anticipates a potential increase to $2,775 by 2028.
โ Trading Strategy for Today
Bullish Scenario: If BNB breaks above the $610 resistance level with strong volume, consider entering a long position targeting the $640โ$660 range in the short term, with a longer-term target of $1,000.
Bearish Scenario: If BNB falls below the $593 support level, a short position targeting the $575โ$569 range may be considered.