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BNB Rockets to $865 ATH, Big Players Target $1K
Binance Coin (BNB) has broken above its previous all-time high, reaching a new record high of $865 as the cryptocurrency continues to attract significant buying pressure. The recent surge in price and active addresses suggests that major players are now targeting the psychological barrier of $1,000.
The sharp rally in BNB’s value comes after a steady recovery from the $550-$600 support range earlier this year. Over the past week alone, the asset has gained a staggering 13%, indicating an immense shift in market sentiment.
A number of fundamental and technical indicators are supporting the current trend, with Whale Insider reporting that BNB has surpassed a significant milestone – exceeding a market capitalization of $120 billion. This development is bolstering the conviction that we are on the cusp of a larger move towards $1,000.
The rise in active addresses from 1 million to over 1.44 million, as tracked by Glassnode, underscores the increasing adoption and utilization of BNB’s network. Notably, these numbers demonstrate a significant surge in recent days, further validating the asset’s underlying strength.
While some may view this move as unsustainable or overbought, technical indicators remain firmly in bullish territory. The MACD line stands at 27.35, above the signal line at 21.84, with a positive histogram reading of 5.51 – all indicative of building momentum after a recent crossover. Additionally, the RSI is currently at 73.35, placing BNB in overbought conditions, which may lead to short-term pullbacks if profit-taking emerges.
In conclusion, the current market situation and fundamental factors suggest that we are witnessing a long-awaited and anticipated move towards $1,000 or potentially even higher levels.
Source: cryptopotato.com
