There has been renewed market interest in the BNB price. Traders observe a chart formation akin to one seen during an earlier period of accumulation, which marked the onset of a major rally. The recent analysis from Crypt0_Nova claims that the token could be setting up for a fresh major move.
Source: X
From the chart above, it is clear that the breakout of the BNB price followed many months of consolidation periods where the currency had little price movement and kept touching support and resistance levels at each time.
The period of consolidation enabled the buyers to accumulate and absorb the selling pressures, which eventually led to the breakout that saw the price rise up to around $1,400.
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Key Resistance Levels Could Decide BNB Price’s Next Direction
the BNB price continues to follow the same path as before, moving from support to resistance levels for many months now. RSI levels remain neutral to bullish, giving room for upside movement.
BNB traders are eyeing the resistance levels of $700-$750, which, if broken with decent volume, might target the significant level of $1,000.
Meanwhile, the long-term view of Crypto Patel implies a potential for bullish momentum in the near future. The technical review states that the BNB price has formed a base at the level of 0.5 Fibonacci retracement at $165 on the previous drop.
Source: X
Moreover, there is also a breakout from the long bearish trendline, which can be considered the end of the correction.
BNB Chain Revenue Strength Supports Long-Term Outlook
BNB Chain is not only limited to the technical signals but also benefits from the usage of its network through decentralized exchanges, launchpads, gaming, transfers of stablecoins, trading robots, and DeFi applications.
This has resulted in recent revenues of around $1.2 million per day, which proves good economic activity on the network.
According to Crypto Patel, the $600-$700 level is an important zone of accumulation by buyers, with the next major resistance coming from the low $900.
Provided that BNB will remain supported and continue building higher lows on the long-term chart, the potential targets can be estimated at $2,100, with $5,000 possible under favorable market conditions in the future market cycle.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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