BNB targets $1k after setting a new ATH; Check forecast

Key takeaways

Binance’s BNB has set a new all-time high price of $962.
The coin could hit the $1k mark for the first time in history as market conditions remain bullish.

BNB sets a new all-time high of $962

BNB, the native coin of the Binance ecosystem, has been one of the best performers in recent weeks. The coin is up by more than 2% in the last 24 hours and has hit a new all-time high of $962.

At press time, BNB is trading at $952 as it slightly retraces from the all-time high price. However, it could rally higher towards the $1k psychological mark in the coming hours or days. Hitting the $1k mark could push BNB’s market cap towards $140 billion as it remains the 5th-largest cryptocurrency by market cap.

With the Fed rate decision expected to be positive later today, BNB could record higher gains in the near term. BNB’s strong performance is supported by Binance’s position as the largest cryptocurrency exchange in the world. The crypto exchange processes over $20 billion in daily trading volume, which is nearly 5x that of the second-place Bybit.

BNB eyes $1k as market conditions remain bullish

The BNB/USD 4-hour chart is bullish but inefficient, suggesting that price could sweep liquidity to the downside before rallying higher. The bullish trend comes as BNB rallied to a new all-time high a few hours ago.

The RSI of 67 shows that BNB is within the positive region but is still not overbought, suggesting further room for growth. The MACD lines are also within the positive territory, indicating that buyers are currently in control of the market.

If the bullish trend continues, BNB could surge to a new all-time high of $1k over the next few hours or days. An extended bullish run could see it attempt to hit the $1,100 mark for the first time in its history.

However, if BNB undergoes a correction following its recent rally, it could drop to the nearest TLQ and support level at $911. Failure to defend this support level could see BNB drop to the $870 region.

The post BNB targets $1k after setting a new ATH; Check forecast appeared first on CoinJournal.