TL;DR
Binance Coin (BNB) surged to a new all-time high of $710 on June 5, boosting its market capitalization above $100 billion, surpassing companies like UBS and Starbucks.
Many analysts are bullish on BNB’s future, predicting a potential rise to $1,000, although some important indicators signal that a pullback might be in the cards.
BNB’s Impressive Ascent
Bitcoin (BTC) might have briefly surpassed the $71,000 mark today (June 5), but other leading cryptocurrencies have outperformed it in terms of gains on a 24-hour scale. One example is the native token of Binance – BNB – which surged to a new all-time high of $710 a few hours ago. Shortly after, it slightly retraced, currently trading at around $700.
The asset’s market capitalization jumped well above the $100 billion milestone, thus surpassing renowned companies like UBS, Starbucks, Airbnb, and many more.
Numerous industry participants praised BNB’s success, with some arguing the rally is far from over. The X user Sheldon The Sniper chipped in yesterday (June 4) shortly before the coin’s spike to a peak price. They predicted that BNB’s next target could be $1,000 and that it has the chance to become another token “to lead altcoin run.” Bluntz shared a similar thesis, envisioning a spike into four-digit territory in the near future.
theres no way $bnb doesnt get a 4 digit handle this cycle https://t.co/lJNiq7ejqx pic.twitter.com/Nn6U6k6z1L
— Bluntz (@Bluntz_Capital) June 5, 2024
The crypto analyst and investor BATMAN revealed that BNB is part of their portfolio. The trader admitted entering its ecosystem in 2017 when a single token was worth a mere $0.60.
“Close to 1200x makes it one of my top performers, only being beaten by my RUNE call,” the analyst added.
What About a Pullback?
Despite the predominantly bullish analysts forecasting further increases for BNB, some important on-chain metrics suggest the opposite scenario. The Relative Strength Index (RSI) is one factor worth considering.
The momentum oscillator measures the speed and change of price movements, ranging between 0 and 100. A ratio above 70 signals that the asset might be overbought, and a price correction could be imminent.
The latest data shows that BNB RSI has been hovering above that level for the past few days, currently standing at approximately 82.
The post Top Binance Coin (BNB) Price Predictions to Watch Following Latest Rally appeared first on CryptoPotato.
