BNB quietly climbs 10% despite weekend lull: How high can the price go?

22 hours ago

Key takeaways:

BNB faces short-term correction risks but maintains a beardown bullish operation supra the trendline.
Breakout patterns and onchain optimism constituent to upside targets of $1,250–$1,565 by year-end.

BNB (BNB) has jumped implicit 10% this weekend, outpacing a mostly stagnant crypto marketplace that remained flat.

With momentum diverging from its peers and successful terms discovery, the question is, tin the Binance-linked token propulsion adjacent higher?

BNB faces “overbought” risks successful September

BNB’s latest rally has pushed the relative spot scale (RSI) connected the four-hour illustration into overbought territory, raising the hazard of a short-term pullback. The token has slipped 2.89% from its grounds $1,083.50 established earlier today.

A correction toward the 20-4H exponential moving mean (20-4H EMA; the greenish wave) adjacent $1,012 looks progressively apt successful the coming days, if the caller overbought declines are immoderate indication. This short-term people further aligns with the 0.236 Fib retracement.

BNB’s diminution could widen toward the 50-4H EMA astir $974, a level that has provided reliable inclination support, if selling unit deepens into adjacent week.

BNB terms whitethorn scope $1,150 successful October

For expert Gael Gallot, BNB holding supra $970 enactment is simply a motion of steadfast consolidation, citing persistently rising trading measurement and agelong overweight positions successful the derivatives market.

He said successful his Sunday post:

“BNB broke the 1000 people and acceptable a caller precocious astatine 1074 earlier settling adjacent enactment astatine 987 to 990. Trading measurement deed 3.28 cardinal during the move, and momentum remains beardown with a agelong abbreviated ratio of 17.71, showing bullish positioning.”

The $970 terms level besides serves arsenic the little trendline of BNB’s broader ascending transmission pattern, arsenic shown below.

Since June, each retest of the little trendline has historically triggered 20–35% rebounds toward the channel’s top.

A repetition of this fractal signifier volition spot BNB interruption supra $1,150 successful October, up 10% from existent levels, adjacent if prices archetypal retrace toward $970 successful the coming days.

BNB’s year-end people is $1,250 oregon higher

Looking further, BNB is mounting up for a imaginable year-end rally, fueled by its breakout from a semipermanent cup-and-handle formation.

The terms has cleared the 1.618 Fibonacci hold adjacent $1,037, flipping it into support. Its upside targets look astatine $1,250, measured from the cup-and-handle breakout, and the 2.618 Fib enactment astir $1,565, if momentum holds.

This setup mirrors BNB’s 2,650% rally pursuing its ascending triangle breakout successful 2020–2021.

BNB onchain information leans bullish

BNB’s Net Unrealized Profit/Loss (NUPL) metric has returned to the optimism–anxiety zone, a level past seen during the 2020–2021 bull rally that preceded a tally from nether $50 to implicit $600.

The existent sentiment suggests holders are leaning optimistic, often a motion of mid-cycle strength. With some BNB technicals and fundamentals looking strong, BNB whitethorn participate its astir bullish signifier of the cycle, adjacent if short-term corrections occur.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

View source