Binance Coin Price Prediction: BNB Holds Above $600 as Bulls Target $800

Binance Coin Price Prediction: BNB Holds Above $600 as Bulls Target $800

BNB Chain's native token, BNB was trading at $624 as of 2:00 am EST, up 3% over the last 24 hours.

BNB is up 7% over the last week and 16.5% over the last 30 days. The Binance exchange token is also bullish on longer timeframes after posting 110%, 202% and 100% gains over the last 90 days, six months and year-to-date, respectively.

With a daily trading volume of $1,522 billion and a market capitalization of $93.3 billion, BNB reclaims its fourth position on the CoinMarketCap ranking.

Are BNB bulls strong enough to scale the price higher?

BNB price bullish triangle hints at an uptrend

From a technical standpoint, BNB's price is trading at the resistance horizontal of its prevailing ascending triangle pattern ahead of the Bitcoin halving event.

The negative divergence from the RSI with respect to the price action suggests that the bears have not given up on sending the price lower.

A delay or denial could result in the price correction toward the triangle's lower trendline near $577 and later the $500 psychological level by May.

BNB/USD daily chart. Source: TradingView

On the other hand, a bullishness from the Bitcoin halving event may cause an uptick in the entire crypto market, validating BNB's ascending triangle setup altogether in favor of a rising wedge reversal pattern.

The triangle's upside target is near the $800 psychological level in the near term, up 28% from current price levels.

The upward movement of both the EMAs and the RSI added credence to this positive outlook. The price strength at 63 suggested there were still more buyers than sellers in the market.

Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.

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