Binance Coin (BNB) Surges 85.66% in DEX Volume, Eyes $1,000

Binance Coin (BNB) has demonstrated significant bullish momentum on its weekly chart, with technical indicators suggesting a potential surge to $1,000. The cryptocurrency has not only broken through key resistance levels but is also maintaining a strong position above the 50-week Exponential Moving Average (EMA).

According to an analysis report by TradingView crypto expert Unichartz, BNB's price action has broken above a long-standing descending resistance line, signaling the end of a multi-month consolidation phase and a potential trend reversal. The cryptocurrency has reclaimed a historical support-resistance zone around the $460 – $535 range, which is now serving as a potential launchpad for further gains, reinforcing the BNB chart’s bullish structure.

The 50 EMA, highlighted by the orange line in the chart, has repeatedly acted as a dynamic support for the BNB price during pullbacks. The TradingView analyst has revealed that on multiple occasions, BNB bounced off this moving average, confirming it as a reliable foundation for a potential rally. As long as the price continues to trade above this 50 EMA and within the reclaimed zone, Unichartz’s outlook for BNB remains optimistic. With sustained bullish momentum, a retest of the all-time high zone around $793 is likely. A successful breakout above this level could trigger a 45.99% climb toward the psychological $1,000 mark.

Market analyst Wise Crypto has issued a bullish forecast for the BNB price, anticipating a massive breakout that could see the altcoin surge above $700 soon. According to the analyst, several technical indicators and bullish developments are aligning in favor of this projected price surge. On the technical side, Wise Crypto pointed to indicators like the EMA, DMI, and Ichimoku Clouds flashing bullish. Fundamentally, the analyst emphasized Binance Coin’s growing Decentralized Exchange (DEX) volume. Notably, BNB’s DEX volume has skyrocketed by an impressive 85.66% increase within one week. The DEX trading volume saw a rise of about $34.85 billion, placing it well above its major competitors.

Moreover, Wise Crypto has declared that BNB bulls have finally taken control, with the market trend demonstrating strength. Supported by positive technical indicators and growing DEX volume, the BNB price is expected to climb approximately 2.21% from its current price to reach $700 in the near term.