Binance Coin (BNB) has been trading sideways in the last four days. However, as of this writing, it has breached below a key Exponential Moving Average (EMA) on the daily chart. Nonetheless, a look at its key on-chain metrics and an analyst’s take reveals that BNB price could hit cross the $1,000 target.
Analyst Forecasts BNB Price To Cross $1,000
In a recent posting on his X page, Popular influencer Rose Premium Signals’ Charts targets a price above $1,000. According to the analyst, BNB price has broken out of a falling wedge, which could usher in a temporary pullback before triggering a bullish rally to $1,048.
As per the analyst’s weekly chart, the coin is likely to correct after rejection at the psychological $660 mark. As its trading volume continues to drop, the onset of a weaker upside traction could open up the pathway to decline sharply to $508 in the medium term.
However, if BNB price manages to bounce back to its current levels shortly after, the resulting momentum could take the price to $1,048, with potential pullbacks at $743 and $903. That said, Rose Premium Signals’ analysis would be invalidated if the price went to lows of $436.
To get the Binance Coin price target in a falling wedge pattern, we first locate the wedge-like shape on the chart. Secondly, we calculate the height of the wedge, which is the vertical distance between the highest and lowest points on the wedge. Thirdly, we identify the price breakout point on the wedge. Finally, we use the previously identified wedge height to locate our target from the breakout point.
However, as analyzed from the current market point of view, the bullish view calls for caution, and is only viable if BNB sustains stable trading volumes.
Meanwhile, on-chain metrics also add credence to the upside.
Bullish Long/Short Ratio Favours BNB Upside
Long/Short Ratio is a metric used to weigh an asset’s market momentum by comparing the value of open long positions against that of open short positions. To obtain it, we simply divide the value of open long positions by that of open short positions. Generally, a Long/Short Ration value above 1 signals bullishness, while a value below 1 shows that a market is bearish-leaning.
As per recent data from Coinanalyze, the value of BNB’s Long/Short Ratio stood at 3.3 in the 24 hours preceding this writing. That shows investors are upbeat about the coin’s upside, which could add to its propulsion.
In conclusion, BNB price is currently at an inflection point following a period of accumulation in the last four days. Also, the break below the $640 mark potentially opens the path to drop to $508 support. However, the substantial upside potential could yield a 40% gain to $1,048.
However, collapsing volumes warn that traders need to brace for some setbacks. If interested in trading BNB, its important to have your own targets and stop loss. Monitoring these levels will be help you avoid getting caught in the next market moves with lower leverage.
The post BNB Price: Analyst’s Step-by-Step Guide to $1,000 Target appeared first on CoinGape.
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