BNB extremely bullish as analysts target a $1000 breakout

BNB, the native token of Binance Chain, has witnessed a notable 7% increase in the past 24 hours. 

The movement highlights a positive trend, placing BNB in front of the top 5 cryptos when it comes to market performance. The coin has already reached a milestone, surpassing its year-high record of $645. It hit a record high of $673 on Tuesday.

Sheldon The Sniper, a well-known market expert, sees BNB positioned among the leading altcoins. It is currently eyeing a target of $1,000 in case the uptrend continues. Sheldon has expressed an optimistic outlook, stating that BNB seems extremely bullish.

Now, it is anticipated that it will surpass its all-time high of $686. The coin hit its high in May 2021 and is currently 2.2% down from the benchmark. 

Kaleo, another crypto analyst, has drawn attention to Bitcoin, Ethereum, and Solana. The analyst has emphasized that BNB is about to enter a price discovery phase. 

The expert is reminding the market that BNB has been a massive player in the bull market. It demonstrates the possibility of repeating its historical cycle. In the 2021 bull movement, BNB entered a 50% growth phase.

The conviction of Changpeng Zhao, the platform’s CEO, occurred in April. After that, the regulatory uncertainty surrounding the exchange has dramatically decreased. This has put BNB and Binance in a position to capitalize on the upcoming institutional inflows in trading volume.

In the past 24 hours alone, the coin has experienced a 15% surge in trading volume. Its trading figure has hit $2.3 billion compared to Monday’s trading session. Its market cap stands at $102 billion, representing a $6 billion growth in 24 hours.

The highlighted renewed capital inflow and user interest make BNB an ideal asset for investors to bet on.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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