The price of BNB has benefited from an imbalance between buying pressure and selling pressure, as bullish traders have had control of the price movement since February of last year, leading to the creation of an upward parallel channel.
Following the recent gains generated by rumors that altcoins could record higher profits than Bitcoin, Binance Coin finally surpassed the midpoint of this channel, but has yet to reach the upper resistance line. This resistance is located at the 123.6% Fibonacci level of $926, and if the price were to move here, a new record would be established.
However, the BNB rally is unlikely to stop until the coin surpasses $1,000 because once the $926 obstacle is no longer there, buyers who were on the sidelines could start to return, and the next rally could possibly take the price to $1,234, where the 178.6% Fibonacci level is located.
The RSI supports this price forecast for Binance Coin, considering that it is at 68, which shows that the current sentiment is in favor of bullish traders, and there is still room for further gains before sellers begin to sell their tokens for fear of a reversal.