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Every altcoin has its peak targets, which sometimes materialize at the peak of bull markets. They can even see bull peaks far beyond the targets discussed for years. There are three key reasons supporting the targeted $800-1000 peak for a popular altcoin. So, what are they?
Binance Coin (BNB) Future
Despite today’s and previous declines, BNB Coin’s price has managed to stay strong. Even though it dropped below $600, while most altcoins rushed to their lowest supports, BNB Coin did not stray far from the $600 price. The price, consolidating between $500 and $620, was ready to sprint to a new ATH had it not been for the major drop on March 20. However, fluctuations in BTC prices changed the situation.
BNB Coin is targeting a new peak of $800-1000, and there are three significant supporters that make this peak meaningful.
Binance Still Leads
The first reason is this. Behind the altcoin is a giant like Binance, which is still the world’s largest exchange by trading volume. Moreover, since it has largely resolved its issues with the US, structural risks have also decreased. There has been no negative impact since the November agreement. It seems that not many care about Binance CEO Changpeng Zhao’s four-month prison sentence and the exchange paying a $4.3 billion fine.
Data from CCData indicates that Binance hosted 33.8% of all spot transactions in April.
Increasing Network Activity
On April 30, the total value locked (TVL) in the Binance Chain network rose from $4.99 billion to $6 billion, reflecting strong interest. The rapid increase in the total value locked on the BNB Chain also shows why BNB’s price remains strong. Although hype altcoins like SOL Coin do not see token price growth proportional to TVL, price bubbles are forming, which could be more limited in BNB.
BNB Chain is hosting 5,315 DApps, an 8% increase from last week, showing strong interest from investors and developers alike.
Technical Analysis
The third reason for the rise is the bullish flag shared by World of Charts. According to it, this formation targets a new peak up to $1000. Another analyst, Captain Faibik, suggests we are approaching the breakout phase of a major rally and could see a 40% increase.
The $610 and $650 region is the upper trend line of the flag; if these levels are exceeded, higher peaks of $690 and $800 could be targeted.
