Binance Coin Price Prediction: BNB aiming for $1,000 if key pattern continues to develop – FXStreet

Lorenzo Stroe
Independent Analyst
Binance Coin price has seen a significant recovery in the last 48 hours as the entire market gained more than $100 billion in market capitalization back. 
On the daily chart, BNB has formed a bull flag and could be close to a massive breakout. The most significant resistance level is formed at the psychological point of $600. 

BNB/USD daily chart
A breakout above this key level has a 65% price target at $930. This target is calculated by using the height of the pole as a reference point. 
However, Binance Coin price is also trading inside an ascending triangle pattern formed on the 6-hour chart. The TD Sequential indicator has presented a sell signal here in the form of a green ‘9’ candlestick.

BNB/USD 6-hour chart
The most significant trend line support is formed at $514. A breakdown below this point, impulsed by the sell signal, would drive Binance Coin price down to $340 in the longer term.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Join Telegram
Join Telegram
ARK Invest CEO Cathie Wood commented on the speed and transaction cost of Bitcoin, Ethereum and Solana. Wood believes Ethereum-alternative Solana is the fastest and most cost-effective, compared to the other two assets. 
Vitalik Buterin predicted the return of blockchain scaling solution Plasma, with the rising utility of zero-knowledge technology. MATIC, OMG, LOOM and TON are cryptocurrencies that use Plasma technology. 
Lido DAO’s governance token LDO noted accumulation by large wallet investors over the past month. LDO price rallied 51% in 30 days, yielding massive gains to the token’s holders. 
Polygon’s open-source codebase helps OKX build a Layer 2 network to bring more users to the Ethereum ecosystem. The sovereign Ethereum Layer 2 chain, X1, is powered by Polygon. 
Bitcoin (BTC) price shows signs of slowing down after Thursday’s sudden sell-off that wiped out more than a billion dollars in open interest and hundreds of millions in liquidations. While this caused many altcoins to suddenly crash double digits others continue to face immense selling pressure. Despite the recent debacle, investors remain optimistic and expect the 2023 rally to continue. 
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, clients or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

source