Altcoin
Crypto Analyst Predicts 800% Rally to $6,000 for BNB, Here’s the Timeline — TradingView News
BNB was one of the best performers coming out of the long and exhausting 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 a crypto analyst, this predicted rally for BNB price could last longer and push the price higher than expected, predicting a price increase of more than 800% from here.
BNB shows strength on the monthly chart
It has a pseudonymous cryptocurrency analyst who goes by the name Without Worries on the TradingView website shared an interesting prospect for BNB price. The analysis uses the monthly chart of BNB, showing that the altcoin remains bullish even after rallying over 150% already over the past year.
Without Worries points out that BNB price action appears to be in a traditional uptrend channel. Now, channels like these are rare because it means that the altcoin has been in this uptrend channel since its launch. To put this in perspective, the crypto analyst points out that altcoins like Litecoin are among those that have failed to maintain a traditional uptrend channel.
Furthermore, the analyst points out that BNB price is currently going through its third resistance test at the time of the initial analysis publication, which was June 3. This third test of strength comes after three years of consolidation. However, this time, the altcoin looks more bullish after the resistance test.
One of the main factors driving the bullish attitude around BNB is the fact that the Stochastic RSI broke above 80. This is important because the last time this happened was in May 2020, just before the coin entered in a real rally. “This is the same situation today. The Stochastic RSI remains with momentum for 182 days. If history repeats itself, the momentum will continue until August/September,” the analyst said.
The price breaks out of the resistance
In a subsequent post, crypto analyst Without Worries revealed that BNB price has now successfully broken through the third resistance. Now, returning to the initial analysis, Without Worries points out that such a situation would trigger a massive breakout for the BNB price.
The BNB price target high is set at $6,000, which represents a price increase of over 800% from here. “The bullish flag pattern confirms a breakout AND support. A move measured from the flagpole of the last resistance break takes the price action to $6000,” the analyst said.
As for the time frame in which this will happen, the crypto analyst expects the rally to fully take place in September. That means about 16 weeks or just under four months from now. If the analysis is correct, then BNB is just getting started.