BNB Pumps 17% in a Week: Time to Buy? Analysts Weigh In.
• BNB, the cryptocurrency that powers the Binance Smart Chain, has seen a 25% surge from last week’s lows due to news of Uniswap deploying on the chain.
• Technical analysis suggests that BNB is likely headed for a test of February’s highs in the $330s and could rally to November highs near $400.
• The broad cryptocurrency market stabilization may prevent a further 20% surge in the short term as BNB’s 14-day RSI is close to hitting overbought territory.
Binance Coin Price Prediction
It’s been a big week for BNB, the cryptocurrency that power’s the Binance Smart Chain. After tumbling to two-month lows late last week in the mid-$260s amid generalized risk-off across asset classes amid concerns about US bank failures, BNB has seen a stunning rebound.
Reasons for Rally
At current levels around $330, BNB/USD is changing hands close to 25% up versus last week’s lows. Part of the rally can be explained by the crypto market’s broader recovery on a mixture of 1) optimism that the response from US authorities to bank troubles will be sufficient to prevent a crisis, 2) that, in the face of a fragile banking system, the Fed won’t do too much more tightening and 3) a growing narrative that crypto is a safe haven against trouble in the traditional financial system.
Uniswap Deployment Boosting Prices
But while the rest of the crypto market has been consolidating in the last few days, BNB has continued pumping and was last up 8% in