No sooner than the Bitcoin price marked new highs close to $53,000, the bears took back control. The BTC price dropped below $52,000 quickly, which triggered a fresh consolidation phase within the markets. Amid the rising concerns of the next price action, an altcoin within the top 5 is manifesting its strength. BinanceCoin’s (BNB) price continues to maintain an elevated trend, being self-assured of ranging towards new highs.
Just a few months ago, the uncertainty over the prospects of the Binance exchange led to a massive fall in BNB prices. While many believed the token might head back to two-digit levels, a fine rebound squashed the bearish trajectory. Since then, the price has surged by over 60%, regaining its levels; it last traded in May 2022. Regardless of the other altcoins, the BNB price remains elevated, which suggests the markets could rebound after rising over a retracement very soon.
Can the BNB price reach $400 before the end of the week?
The weekly chart of the BNB price is extremely bullish, suggesting the price could reach a four-digit price target at the peak of the upcoming bull run. The price is trying to replicate the 2021 bull run by forming a similar technical pattern. The RSI in the long term has soared above the upper resistance for the first time since December 2020, which propelled the price by over 1600% for the next 6 months. If a similar trade repeats, then the BNB price may reach not less than $900, while $1000 may also not be a tedious job.
Besides, the token in the short term has surged above the crucial resistance zone between $338 and $351 after multiple failed attempts. Hence, it is believed the price could maintain a steep upswing in the upcoming days and reach $400, which may validate a resurgence of a bullish trend. Therefore, BinanceCoin’s (BNB) price prediction for the month remains bullish, with targets higher than $400.
