- Jonathan Carter believes that Binance Coin (BNB) is at risk of dropping in price before a major bull run.
- As long as BNB trades above the neckline, analysts expect the coin to rally to targets at $790, $850, $900 and $1,000.
- Although the trading volume is less, BNB has been resilient despite the others being shaky.
Jonathan Carter has indicated that Binance Coin (BNB) is facing a major support test, and this may be the onset of a major bull run. Price has found a retest of the broken neckline of the rounding bottom pattern on the daily chart. To continue the upward gaining trend, BNB needs to remain above this level, and it would be strong support and open the way to possible profits.
Upon holding above this critical neckline BNB, analysts opine that it would rocket higher to several targets. These go up to the level of $790, $850, $900, and even as high as $1000. The confirmation of the support would signify a very well-sustained bullish trend that has been shaping up in the past few weeks.
Source: X
Also Read: BNB Leads Institutional Race with $1.2 Billion Demand, Surpassing ETH
Binance Coin (BNB) Stays Strong Despite Market Volatility
The positive outlook is not reflected in all the market indicators, though. As per the data provided by Coinglass, the trading volume of Binance Coin has dropped by 40.33% and currently equals the volume of $693.93 million. Although this has affected the volume, the open interest has moved up marginally by 0.12% to reach $1.24 billion.
Source: Coinglass
Compared to the other prominent cryptocurrencies, Binance Coin has proved to be resilient. Most of the coins on the market have had a decrease of 60-80%, but BNB has never experienced a fall of over 30%.
BNB Defies Market Trends with Strong Performance
The analysts of CryptoQuant have also pointed out the stability of Binance Coin during the current deteriorating market. As the other cryptocurrencies were unable to climb back again, BNB has still been able to stand firm. Its relative strength in comparison to most other coins that have gone down in value points towards its strength and the possibility of behaving well in future prices.
Source: X
With BNB almost touching its all-time high, the interest in the coin among the investors is growing. As the whole of the market is failing, the Binance Coin is performing well and regaining the market, and that has drawn the attention of investors. Its performance of sustaining itself above major points of support and its prospects of gain make it an attractive choice in this environment.
Source: X
The development of BNB is under observation since it is close to a point of inflection. The immediate days of price action shall be critical in establishing whether BNB can hold support above the neckline or not. In case the price finds support, the way to $1,000 will be much clearer, and BNB may have a breakout to new highs.
The future performance of BNB will be determined by its performance to verify the support above the neckline. If this support is followed through in price action, there is a good possibility of BNB shooting up to meet its price targets, namely, $1,000.
Also Read: Binance Coin (BNB) Price Slips Below $800 as Bulls Monitor Key Support Levels
