Every altcoin has set 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 important 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 price has managed to stay strong. Even though it dropped below $600, unlike most altcoins rushing to bottom 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 the major drop on March 20 not occurred. However, fluctuations in BTC prices altered 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
This is the first reason. An altcoin giant like Binance backs it, and it remains 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 like not many care about Binance CEO Changpeng Zhao’s four-month prison sentence and the exchange’s payment of a $4.3 billion fine.
Data from CCData indicates that Binance hosted 33.8% of all spot transactions in April.
Increasing Network Activity
The total locked value (TVL) in the Binance Chain network rose from $4.99 billion to $6 billion on April 30, reflecting strong interest. The rapid increase in total value locked on the BNB Chain also shows why BNB’s price has remained strong. While hype altcoins like SOL Coin do not see token price growth proportional to TVL, price bubbles are forming, though it may be more limited for BNB.
BNB Chain is hosting 5,315 DApps, an 8% increase from last week. Thus, investor interest along with developer favor remains strong.
Technical Analysis
The third reason for the rise is the bullish pennant shared by World of Charts. According to it, this formation targets a new peak up to $1000. Another analyst, Captain Faibik, mentions that we are approaching the breakout phase of a major rally and could see a 40% increase.
If the $610 and $650 regions, the upper trend line of the pennant, are surpassed, larger peaks at $690 and $800 could be targeted.
