The post Analyst’s Step-by-Step Guide to $1,000 Target appeared on BitcoinEthereumNews.com.

Binance Coin (BNB) has been trading sideways in the last four days. However, as of this writing, it has breached below a key Exponential Moving Average (EMA) on the daily chart. Nonetheless, a look at its key on-chain metrics and an analyst’s take reveals that BNB price could hit cross the $1,000 target. Analyst Forecasts BNB Price To Cross $1,000 In a recent posting on his X page, Popular influencer Rose Premium Signals’ Charts targets a price above $1,000. According to the analyst, BNB price has broken out of a falling wedge, which could usher in a temporary pullback before triggering a bullish rally to $1,048. As per the analyst’s weekly chart, the coin is likely to correct after rejection at the psychological $660 mark. As its trading volume continues to drop, the onset of a weaker upside traction could open up the pathway to decline sharply to $508 in the medium term. However, if BNB price manages to bounce back to its current levels shortly after, the resulting momentum could take the price to $1,048, with potential pullbacks at $743 and $903. That said, Rose Premium Signals’ analysis would be invalidated if the price went to lows of $436. To get the Binance Coin price target in a falling wedge pattern, we first locate the wedge-like shape on the chart. Secondly, we calculate the height of the wedge, which is the vertical distance between the highest and lowest points on the wedge. Thirdly, we identify the price breakout point on the wedge. Finally, we use the previously identified wedge height to locate our target from the breakout point. However, as analyzed from the current market point of view, the bullish view calls for caution, and is only viable if BNB sustains stable trading volumes. BNB/USDT 1-week chart Meanwhile, on-chain…

---

Filed under: News - @ December 2, 2024 8:21 pm