BNB: Why a move to $650 next week is not impossible

  • BNB was up by more than 8% in the last seven days.
  • Most metrics and indicators looked bullish on the coin.

BNB showcased a promising bull rally last week as its price increased by over 8%. While that happened a bull pattern emerged on the coin’s price chart. If BNB successfully breaks above the pattern then its price might turn volatile towards the north. 

Bull pattern on BNB’s chart

After a comfortable weekly rally, the coin’s volatility dropped as it only moved marginally on the last day. According to CoinMarketCap, BNB’s price dropped by 0.5% in the past 24 hours.

At the time of writing, it was trading at $608.62 with a market capitalization of over $89.8 billion. However, BNB’s volatility might be restored soon.

Captain Faibik, a popular crypto analyst, recently posted a tweet mentioning the formation of a bullish symmetrical triangle pattern on the coin’s price chart. A successful breakout above the pattern could also allow BNB’s price to surge by more than 40%.

Investors also looked pretty confident on BNB and expected its value to surge. This was evident from the fact that the coin’s weighted sentiment spiked on the 25th of April.

Its social volume also remained high, reflecting its popularity in the crypto space. 

BNB's social volume increased

Source: Santiment

Is a bull run inevitable?

AMBCrypto then checked other datasets to find whether it was likely for the coin to successfully test the bull pattern.

An analysis of Santiment’s data revealed that BNB’s open interest increased along with its price. This suggested that the coin’s bull rally might continue.

Additionally, its funding rate dropped sharply. Generally, prices tend to move in the other direction than that of funding rate, further hinting at a bull rally in the coming days. 

BNB's funding rate droppedBNB's funding rate dropped

Source: Santiment

Technical indicators also looked pretty optimistic. For instance, the Chaikin Money Flow (CMF) was resting well above the neutral mark of 0. At press time, it had a value of 0.15.

The good news was that the Money Flow Index (MFI) registered a sharp uptick, increasing the chances of a price increase.

However, the Bollinger Bands pointed out that BNB’s price was in a less-volatile zone, which meant that the coin’s price might now display an unprecedented northward surge in the near term.

BNBUSDT 2024 04 26 15 20 24BNBUSDT 2024 04 26 15 20 24

Source: TradingView

Realistic or not, here’s BNB’s market cap in SOL’s terms   

AMBCrypto then checked Hyblock Capital’s data to find out possible targets for BNB if it manages to start another bull rally.

As per our analysis, it’s crucial for BNB to go above $620 as liquidation would increase sharply at that level. A rise in liquidation often results in price correction. A successful breakout above that level could allow the coin’s price to go above $650. 

Screenshot 2024 04 26 at 3.22.42 PMScreenshot 2024 04 26 at 3.22.42 PM

Source: Hyblock Capital

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