BNB, the altcoin associated with the Binance exchange, has been performing exceptionally well following the bear market of 2022. A crypto analyst, known as Without Worries, has predicted that the BNB price could increase by over 800% from its current levels, indicating that its bullish run is far from over. The analysis is based on the monthly chart, which shows that BNB remains bullish even after a 150% rally in the past year.
According to Without Worries, BNB’s price action is in a legacy uptrend channel, a rare occurrence in the crypto space. This indicates that BNB has maintained this uptrend channel since its launch, unlike other altcoins like Litecoin. The analyst also highlights that BNB is currently facing its third resistance test after three years of consolidation, with the current technical indicators suggesting a more bullish outlook for the altcoin.
One of the key factors driving the bullish sentiment around BNB is the Stochastic RSI crossing above 80, a signal that last occurred in May 2020 before a significant rally. The analyst suggests that if history repeats itself, the momentum for BNB could continue until August or September. Following the breakout of the third resistance, the analyst predicts a massive breakout for BNB, with a target price of $6,000, representing an 800% increase from the current levels.
The analyst expects the rally to fully play out by September, which translates to around 16 weeks or less than four months from now. This projection indicates that BNB is still in the early stages of its upward trajectory, with plenty of room for further growth. The analysis suggests that BNB is positioned for significant gains in the coming months, based on the technical factors and historical price patterns.
In conclusion, BNB has emerged as one of the top performers in the crypto market, defying the bearish trends of 2022. The analysis by Without Worries indicates a strong bullish outlook for BNB, with a potential price increase of over 800% from the current levels. The technical indicators, such as the Stochastic RSI crossing above 80, support this optimistic forecast for BNB. If the analysis plays out as expected, BNB could experience a significant rally in the coming months, reaching a target price of $6,000. Investors and traders in the crypto space should keep an eye on BNB as it continues its upward trajectory.
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