Why the 50 EMA Might Be Crucial

The price of BNB indicates significant bullish momentum on the weekly chart, with technical indicators suggesting a potential rise to $1,000. This cryptocurrency has broken through resistance barriers and is holding strong above the 50-week Exponential Moving Average (EMA).

BNB Price Poised for a Jump to $1,000

As momentum grows, Binance Coin (BNB) appears to be preparing for a substantial price increase towards $1,000, which would surpass previous all-time highs. An analysis by a trading expert highlights that BNB’s price action has successfully moved beyond a longstanding descending resistance line, as shown in the chart.

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The breakout from this prolonged downtrend marks the conclusion of a multi-month period of consolidation and signals a possible trend reversal. Importantly, the cryptocurrency has reclaimed a historical support-resistance zone within the $460 – $535 range, which had previously been a battleground for both buyers and sellers. This critical level now serves as a potential launching point for further price appreciation, solidifying the bullish outlook for BNB.

As we look ahead, the 50 EMA has frequently provided dynamic support for BNB during downturns, as shown in the chart. The trading analyst notes that BNB has bounced off this moving average on multiple occasions, reinforcing it as a reliable basis for a forthcoming rally.

As long as BNB trades above this 50 EMA and remains within the reclaimed zone, the analyst’s outlook for the cryptocurrency stays positive. With continued bullish momentum, a revisit of the all-time high around $793 is likely. A successful breach above this point could lead to an impressive 45.99% increase towards the psychologically significant $1,000 mark.

BNB Bullish Trend Continues as Price Targets New Highs

Market analyst Wise Crypto has presented a positive forecast for BNB, predicting a significant breakout that could push the altcoin above $700 in the near future. The analyst notes that multiple technical indicators and bullish trends are aligning favorably for this anticipated surge in price.

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On the technical side, Wise Crypto highlights indicators like the EMA, DMI, and Ichimoku Clouds showing bullish signals. From a fundamental perspective, the increasing volume on Binance’s Decentralized Exchange (DEX) is noteworthy.

Notably, BNB’s DEX volume has surged by an impressive 85.66% in just one week, amounting to around $34.85 billion, thereby surpassing major competitors like Ethereum and Solana.

Wise Crypto asserts that BNB bulls are now in control, with market momentum indicating strength. Supported by favorable technical indicators and increased DEX volume, the BNB price is expected to gain approximately 2.21% from its current level of $684.85 to reach $700 soon.