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.
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