The News Crypto -
- Binance Coin (BNB) has surged 60% in the past month, outpacing Bitcoin’s gains.
- BNB broke out of a price range of $315-$375 in early March.
- Analysts suggest BNB could target $575 next, with strong technical indicators and renewed buying interest supporting its upward momentum
Binance Coin (BNB) appears to be stepping out of its biggest rival Bitcoin’s shadow lately, notching stellar gains while forging its own bullish path higher. The native exchange token of crypto behemoth Binance has surged 60% over the last month, easily outpacing Bitcoin’s 15% advance over the same period.
And if bullish momentum holds up, analysts believe BNB could have much further to run as it leaves the crypto winter doldrums behind and sets sights on its next target at the $575 level.
After ranging mostly between $315 and $375 for the opening couple months of 2024, Binance Coin finally broke out of its shackles in early March. Powering through resistance around $350, BNB went on to gain nearly 15% in a span of 12 days before momentum hit a wall around $530.
Can BNB hit $575?
Still, those gains built a solid foundation for Binance Coin to regroup from before renewal buying interest stepped back in this week. A sustained push above the $532 level could provide enough rocket fuel to send BNB to retest formidable resistance around the $575 mark.
Adding credence to that optimistic scenario is strong momentum from broader technical indicators. The relative strength index (RSI) remains firmly in overbought territory, signaling that the path of least resistance remains to the upside. Meanwhile, bullish moving average crossovers point to rally durability.
Of course, bears still lurk right around the corner, ready to spark sharp pullbacks if support levels at $498 and even $463 fail to hold up. But BNB seems to have finally awoken from its multi-month slumber and appears ready to capitalize on bull market hysteria in similar fashion to 2021’s parabolic run that exceeded $650.
This article was originally published on thenewscrypto.com
