Binance Coin (BNB), the digital currency of the Binance crypto exchange, continues to deliver impressive performance. The price reached a new all-time high of $788 and is in a discovery phase, meaning further gains are possible. What is driving this growth, and what do analysts expect for the future?
Can BNB reach $1,630?
According to crypto analyst Ali Martinez, Binance Coin’s upward trend is far from over. He states that if the price remains above the critical level of $662, BNB could even reach $1,630. This would more than double the current price and take the market cap to almost $250 billion. This would bring BNB closer to the value of Ethereum (ETH), which currently has a market capitalization of $450 billion.
Technical indicators support bullish outlook
The positive expectations are further reinforced by technical indicators, such as the Relative Strength Index (RSI). At 68.99, BNB is in an area of strong buying pressure. The RSI, which provides insight into the speed and direction of price movements, confirms the increasing market optimism surrounding Binance Coin.
Previous predictions come true
BNB’s impressive rise is not unexpected. Analyst Master Kenobi predicted on November 23 that the sideways movement, which lasted more than eight months, was a harbinger of an impending outbreak. According to Kenobi, this development would not only strengthen Binance’s market position, but could also usher in a new altcoin season, in which smaller projects may experience parabolic growth.
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Source: https://newsbit.nl/bnb-koers-bereikt-all-time-high-wat-is-de-volgende-stap/
