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Highlights
- The BNB price is on the cusp of a bullish breakout to $1,000 this year.
- Binance Coin has formed a cup-and-handle pattern on the daily chart.
- Derivatives data shows that the coin is seeing strong volume.
BNB price is stuck in a tight range today, trading at $846, down slightly from the all-time high of $885. This consolidation is not unique. Rather, it is part of the crypto market action as traders wait for the Jackson Hole speech. Still, the strong technicals and derivative data points to more upside.
BNB Price May Rocket to $1,000 Soon
The Binance Coin price has performed well in the ongoing crypto market bull run. It has jumped from $500 in February to $850 today, helped by strong fundamentals, including three network upgrades.
The daily timeframe chart shows that the coin has remained above the 50-day Weighted Moving Average (EMA). Most importantly, the BNB price has moved above the important resistance level at $792, its highest level in December last year.
That was also a notable price because it was the upper side of the cup-and-handle (C&H) chart pattern. C&H is a continuation pattern comprised of a horizontal resistance and a rounded bottom. Once this section ends, the coin moves to the handle section, which is normally a consolidation or a pullback.
Binance Coin price has now moved above the cup’s upper side, confirming a bullish breakout. Most importantly, it has invalidated the double-top pattern at $860.
Therefore, the BNB token will likely continue rising as buyers aim for the next key target at $1000. It needs to jump by about 20% to confirm the bullish Binance Coin price outlook to $1,000.
There are signs that the coin will jump much higher than that. This view is based on the depth of the cup, which is about 37%. Measuring the same path brings the target to $1,100.
On the flip side, a drop below the upper side of the cup at $792 will cancel the bullish forecast.
Binance Coin Derivative Data Points to More Gains
The BNB Coin price has numerous catalysts that will push it higher in the near term. One of them is the fact that activity in the derivatives market is booming.
For example, the futures open interest has jumped to a record high of $1.5 billion, continuing an uptrend that started a few months ago when it bottomed below $500 million.
Soaring open interest is a sign that there is strong demand from traders and investors. It is also a major sign of the liquidity of a coin.
Another important metric in the derivative market is the funding rate, which has remained in the green in the past few weeks. This is important data that looks at how bulls and bears are performing in the market.
A green funding rate means that investors anticipate that a coin’s future price will be higher than the current one.
The BSC Chain ecosystem is also thriving, with the total value locked and the stablecoin activity gaining steam. Some of the top performers in the ecosystem are PancakeSwap and THENA, which handle billions of transactions a day.
Frequently Asked Questions (FAQs)
1. What is the most likely BNB price forecast?
2. What are the potential catalysts for the Binance Coin price rally?
3. When will the Binance Token hit $1,000?
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