Binance Coin (BNB) has stood out as one of the best performers amid the extended bear market of 2022. The altcoin's resilience suggests that its upward momentum may continue.
A crypto analyst has suggested that BNB's anticipated surge could be prolonged and lead to even higher prices, with a projected increase of over 800% from its current value.
Analyzing the Bullish Trend of BNB
A crypto analyst named Without Worries on TradingView recently provided an interesting perspective on the BNB price.
The analysis is based on the BNB monthly chart, demonstrating that the altcoin remains bullish even after experiencing a 150% rally in the past year.
Without Worries highlighted that the BNB price history chart indicates that the altcoin is following a rare legacy uptrend channel. This suggests that BNB has been on a continuous upward trajectory since its launch, setting it apart from altcoins like Litecoin, which have struggled to maintain a similar legacy uptrend channel.
BNB price analysis chart | Without_worries/TradingView
The BNB price was in the midst of its third resistance test on 3rd June when the initial analysis was published.
This third test of resistance follows three years of consolidation. However, this time, there is a more positive outlook for the altcoin after the resistance test.
One significant factor contributing to this positive sentiment is the Stochastic RSI crossing over 80. The last time this occurred was in May 2020, just before BNB experienced a significant surge.
“This is the same situation as today. Stochastic RSI remains with momentum for 182 days. Should history repeat, momentum continues until August / September,” the analyst stated.
The Breakout and Bullish Momentum
In an update, Without Worries disclosed that the BNB price has effectively surpassed the third resistance.
Referring back to the original analysis, this suggests that there could be an opportunity for a substantial price rally.
As per the analyst, the BNB token price may possibly attain $6,000, indicating a more than 800% surge from the present price.
The analyst explains, “The bull flag pattern confirms a breakout and support. A measured move from the flagpole of the last resistance breakout takes price action to $6,000.”
The timeframe for this rally to fully play out is expected to be around September, 16 weeks from now or four months, so if the analysis holds, BNB is just getting started on its bullish run.
Factors Supporting BNB’s Growth
Several factors are driving this bullish outlook for BNB. Firstly, the BNB price history chart shows a consistent upward trend, supporting the analyst's prediction.
Additionally, Binance's growing network and ongoing advancements provide a strong basis for the expansion of BNB.
Furthermore, BNB's utility within the Binance platform—such as reduced trading fees, participation in token sales, and other ecosystem benefits—continues to drive demand. This utility, combined with the growth of the crypto market, supports the analyst’s bullish predictions.