Binance Coin (BNB) Top Price Predictions to Watch After the Last Rally

TL;DR

Binance Coin (BNB) surged to a new all-time high of $710 on June 5, pushing its market cap above $100 billion, surpassing the likes of UBS and Starbucks. Many analysts are bullish on the future of BNB, predicting a potential rise to $1,000, although some major indicators indicate that a pullback could be on the cards.

The impressive rise of BNB

Bitcoin (BTC) may have briefly breached the $71,000 mark today (June 5), but other leading cryptocurrencies have outperformed it in terms of gains on a 24-hour scale. An example is Binance’s native token BNB, which hit a new all-time high of $710 a few hours ago. Shortly after, it pulled back slightly, currently trading around $700.

BNB price, Source: CoinGecko

The asset’s market capitalization jumped well above the $100 billion milestone, thus surpassing renowned companies such as UBS, Starbucks, Airbnb and many more.

Numerous industry participants praised BNB’s success, with some arguing that the rally is far from over. X user Sheldon The Sniper chimed in yesterday (June 4th) shortly before the coin rose to a maximum price. They predicted that BNB’s next target could be $1,000 and that it has a chance to become another token “to lead the altcoin race.” Bluntz shared a similar thesis, envisioning an increase in quadruple-digit territory in the near future.

there is no way $bnb he doesn’t get a 4 digit handle this cycle https://t.co/lJNiq7ejqx pic.twitter.com/Nn6U6k6z1L

— Bluntz (@Bluntz_Capital) June 5, 2024

Crypto analyst and investor BATMAN revealed that BNB is part of his portfolio. The trader admitted that he entered his ecosystem in 2017 when a single token was worth only $0.60.

“Close to 1200x makes it one of my best results, only beaten by my RUNE call,” added the analyst.

What about a pullback?

While predominantly bullish analysts are forecasting further increases for BNB, some important metrics on the chain suggest the opposite scenario. The Relative Strength Index (RSI) is a factor worth considering.

The momentum oscillator measures the speed and change of price movements, ranging from 0 to 100. A ratio above 70 indicates that the asset could be overbought and a price correction could be imminent .

The latest data shows that the BNB RSI has remained above this level for the past few days, currently sitting at approximately 82.

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