Binance exchange’s BNB token surged past its previous all-time high and set a new all-time high of $868 today. BNB was trading at $765 when the markets opened for trading this week. From the moment the market was opened for trading, the bulls were riding high, although at times, especially during the middle of the week, the token faced resistance at $820. However, once the token broke this level, it just kept on reaching higher altitudes.
A popular crypto netizen who goes by the pseudonym AltGem Hunter, analysed the BNB daily chart and predicted that BNB could hit $1,000.
At the time of publication, BNB is trading at $862 after gaining more than 11% during the past week. Its trading volume lies just under $3.5 billion, after gaining about 0.8% during the past 24 hours.
BNB’s next stop is at $1,000
BNB is currently trading inside an ascending triangle on the 4-hour chart. The triangle has an inclined bottom and a flat top. This setup shows that buyers are consistently stepping in at higher prices, creating higher lows, while sellers keep defending the same resistance zone.
As the pattern develops, trading volume usually decreases, reflecting a consolidation phase where market pressure is quietly building. Eventually, the price breaks above the horizontal resistance, often accompanied by a surge in volume, signaling strong bullish momentum.
The breakout phenomenon
In many cases, the breakout is followed by a retest of the former resistance (now support) before continuing higher, with the expected price target calculated by adding the height of the triangle to the breakout point.
BNB heads towards the lower trendline at $800
Since BNB has rebounded off the upper trendline, after the RSI signaled an overbought condition, the prices are currently falling. This fall could continue until BNB $800, and thereafter it will continue the zig-zag pattern inside the triangle until it breaks. However, once the pattern is fully formed, BNB will break out and reach above $1,000, given that it follows the breakout phenomenon mentioned above.
