Crypto Analyst Predicts 800% Rally To $6,000 For BNB, Heres The Timeline
BNB has been one of the best performers coming out of the long and drawn-out bear market of 2022. Even now, the altcoin continues to show a lot of strength, suggesting that its run is far from over. According to one crypto analyst, this expected run for the BNB price could last longer and drive the price higher than expected, predicting an over 800% increase in price from here.
BNB Showing Strength On The Monthly Chart
A pseudonymous crypt analyst who goes by the moniker Without Worries on the TradingView website has shared an interesting outlook for the BNB price. The analysis uses the BNB monthly chart, showing that the altcoin remains bullish even after rallying over 150% in the last year already.
Without Worries points out that the BNB price action looks to be in a legacy uptrend channel. Now, channels like these are rare because it means that the altcoin has been in this uptrend channel since it launched. To put this in perspective, the crypto analyst points out that altcoins like Litecoin is one of the ones which has failed to maintain a legacy uptrend channel.
Furthermore, the analyst points out that the BNB price is currently seeing its third test of resistance at the time that the initial analysis was posted, which was on June 3. This third resistance test comes after three years of consolidation. However, this time around, its looking more bullish for the altcoin following the resistance test.
One major factor driving the bullishness around BNB is the fact that the Stochastic RSI had crossed above 80. This is important because the last time that this had happened was back in May 2020, just before the coin went into a full-blown rally. 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.
Price Breaks Out Of Resistance
In a follow-up post, crypto analyst Without Worries revealed that the BNB price has now successfully broken out of the third resistance. Now, going back to the initial analysis, Without Worries points out that such a situation would trigger a massive breakout for the BNB price.
The top of the target for the BNB price is placed at $6,000, which is a more than 800% increase in price from here. The bull flag pattern confirms a breakout AND support. A measured move from the flagpole of the last resistance breakout takes price action to $6000, the analyst said.
As for the timeframe for when this will happen, the crypto analyst expects the rally to fully play out sometime in September. This means around 16 weeks or a little less than four months from now. If the analysis is correct, then BNB is just getting started.
Read more: https://www.newsbtc.com/analysis/bnb/800-rally-to-6000-for-bnb/
Text source: NewsBTC
