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Binance Coin'sn (BNB) price has recorded considerable growth in the crypto market, with value increasing by 3.83% and 9.94% in the last seven and 30 days, respectively. Despite the price gains, the BNB price movement suggests a bullish fakeout.
Binance Coin Price Shows Mixed Momentum
For context, a bullish fakeout happens when an asset’s price surges above a key resistance level, prompting buyers to acquire more in anticipation of further increases. However, price usually drops and traps buyers who then await further increases.
CoinMarketCap data reveals that Binance Coin looks like it is mirroring this pattern over the last 30 days. Despite posting significant upward movement towards the $900 price target, BNB has not been able to hit it.
Earlier, the coin rose to a peak of $895 around August 22 as it cleared several resistance levels. However, about four days later, the price crashed to $834, trapping buyers who are now looking for another bullish rally.
Currently, Binance Coin technical indicators show bearish momentum, but the $874 support level remains stable. The coin’s Relative Strength Index (RSI) at 64.17 shows the asset still has room for mild growth.
As of this writing, Binance Coin price was changing hands at $882.74, which represents a 0.52% increase in the last 24 hours. However, concerns exist as the trading volume has dropped by 4.19% to $2.11 billion.
BNB Adoption and Bold Predictions Fuel Optimism
Interestingly, Changpeng Zhao, Binance founder, remains bullish about BNB. In August, Zhao predicted that the coin could surge by as high as 230%, pushing the value to $2,000. According to Zhao, if the coin sustains its performance trend, it could hit the target before the end of 2025.
Meanwhile, BNB is gaining traction as one of the most advanced innovations in the UAE; the National Bank of Ras Al-Khaimah (RAKBANK) has adopted the asset. With BNB now tradable on RAKBANK, it could support the coin’s future breakouts.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team