The price of $BNB is showing remarkable bullish strength on the weekly chart, with technical signals aligning for a potential increase to $1,000. The altcoin has not only broken through resistance levels but is also maintaining a strong position above the 50-week Exponential Moving Average (EMA). With momentum growing, Binance Coin (BNB) may be gearing up for a significant price movement to $1,000, taking it well above historical high levels. This forecast, published in an analysis report by TradingView cryptocurrency expert Unichartz, notes that BNB's price action has broken a long-standing descending resistance line, indicated by the red line on the chart. The breakout from this downtrend signals the end of a multi-month consolidation phase and a potential upcoming trend reversal.
Most notably, the cryptocurrency has recovered a historical support-resistance zone marked in the shaded gray area around the range of $460 – $535, which previously acted as a 'battleground for bulls and bears.' This key level is now serving as a potential launch pad for additional gains, reinforcing the bullish structure of the BNB chart. Moving forward, the 50 EMA, highlighted by the orange line on the chart, has repeatedly acted as a dynamic support for the price of $BNB during pullbacks. The TradingView analyst revealed that on several occasions, $BNB has bounced off this moving average, confirming it as a reliable base for a potential rally. As long as the price continues to trade above this 50 EMA and within the recovered zone, Unichartz's outlook for BNB remains optimistic. With sustained bullish momentum, a retest of the historical high zone around $793 is likely. A successful breakout above this level could trigger a 45.99% rise towards the psychological mark of $1,000.
Market analyst Wise Crypto has issued an optimistic forecast for the price of BNB, anticipating a massive breakout that could see the altcoin rise above $700 soon. According to the analyst, several technical indicators and bullish developments are aligning in favor of this projected price increase. On the technical side, Wise Crypto pointed out indicators such as the EMA, DMI, and Ichimoku Clouds flashing bullish. Fundamentally, the analyst emphasized the growing trading volume of Binance Coin on Decentralized Exchange (DEX). Notably, BNB's DEX volume surged with an impressive increase of 85.66% in one week. The DEX trading volume saw an increase of about $34.85 billion, placing it well above its main competitors, Ethereum and Solana. Additionally, Wise Crypto stated that BNB bulls have finally taken control, with the market trend showing strength. Supported by positive technical indicators and growing DEX volume, BNB's price is expected to rise approximately 2.21% from its current price of $684.85 to reach $700 in the short term.
