BNB price rose for three consecutive days, and analysts are upbeat that Binance Coin could retest the year-to-date high of $725 after breaking a five-month consolidation. The token was trading at $628 on November 11, its highest level since June 10, and 57% above its September lows.
Crypto Analysts Are Bullish on BNB Price
Binance Coin price rally coincided with the ongoing risk-on sentiment in the crypto industry after Bitcoin crossed the psychological point at $82,000 for the first time ever. The crypto fear and greed index has also jumped to the greed zone of 74.
Analysts are upbeat that BNB has more upside in the coming weeks. In an X post, Crypto Rand, who has 308,000 followers, noted that the coin had completed forming a bullish reversal, citing an inverse head and shoulders pattern.
Another analyst known as HTL-NL who has 13,000 followers pointed to the monthly chart noted that it was on track to hit its all-time high.
Binance Coin Has Numerous Catalysts
The BNB price has several catalysts that may push its price substantially higher in the near term. First, data shows that Binance is seeing robust volume in the spot and derivatives market. According to CMC, its spot volume soared to $43 billion in the last 24 hours, while the derivatives one jumped to $126 billion.
While the Binance Coin powers the BNB Smart Chain, it is often used as a proxy for Binance’s performance.
Second, BNB Chain’s DEX volume has jumped by 29% in the last seven days to over $6.4 billion. That makes it the fourth-biggest chain in the DEX industry after Solana, Ethereum, and Base.
Additionally, the number of BNB in circulation has continued to fall because of the network’s burn. Data shows that 457 BNB tokens worth $286,072 have been burned in the last seven days. 1.77 million tokens were burned in the third quarter.
BNB Crypto Price Analysis Points To More Gains
The daily chart shows that the Binance Coin price has bounced back and rallied to its highest level since June. It has moved above the crucial resistance level at $607, where it struggled to move above since June 19.
That was an important price because it was the upper side of the ascending triangle pattern and the inverse head and shoulders pattern.
BNB price remains above the 50-day and 200-day Exponential Moving Averages (EMA). It is also forming a small bullish flag pattern.
Therefore, the BNB token will likely rise and retest the all-time high of $725. A break above that level will point to more gains to $800. This view will become invalid if it drops below the ascending trendline. A crash below that level will imply that the coin was forming a triple-top and lead to more downside.
The post Analysts Predict $725 BNB Price, Buyers Break 5-Month Stagnation appeared first on CoinGape.
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