Binance Coin Price Prediction: Can BNB Hit $1,000?

In the latest video, Altcoin Buzz addresses a debatable question to their 247K subscribers: Can Binance coin (BNB) reach $1,000?

BNB overview

Binance Coin (BNB) is an exchange-based token created and issued by the cryptocurrency exchange Binance. Initially created on the Ethereum blockchain as an ERC-20 token in July 2017, BNB was migrated over to Binance Chain in February 2019 and became the native coin of the Binance Chain.

“BNB is undoubtedly one of the most interesting and discussed coins amongst all exchange coins. Ever since the deployment of Binance Smart Chain, BNB price has exploded”.

Binance Coin has seen massive growth in interest throughout the years. The coin has been considered as a staunch competitor to Ethereum now and the number of transactions on BSC has already surpassed the number of transactions on Ethereum.

BNB price prediction

Binance coin broke out of a symmetrical triangle.

binance-coin-price-prediction-can-bnb-hit-1000

“This is a pretty typical pattern”, they says.

According to Altcoin Buzz, whenever there is a breakout from a symmetrical triangle, a bullish continuation follows and we observed a similar structure for BNB too., in which it rallied from $240 towards $640 after this rally.

At the time of the video, BNB is currently trading above the support zone of $530.

“As long as BNB stays above this support zone, we could start seeing a move towards $589 and $637. If the resistance at $637 breaks, we will start seeing a move towards the upper targets at $686, $755, $843 and $1097”.

However, they also notes that any failure to hold the support at $530 could lead to a drop towards $489 and $431.

Disclaimer: Opinions expressed at AZCoin News are not investment advice. Investors should do their due diligence before making any high-risk investments in cryptocurrencies. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. AZCoin News does not recommend the buying or selling of any cryptocurrencies.

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