Binance coin resumes uptrend, and analyst predicts $ 500 target

Binance coin, the leading cryptocurrency exchange’s token, is looking to resume its uptrend.

At the time of writing BNB is trading at $ 243.71, losing 3.44% in the last 24 hours.

While the Ethereum network continues to have bottlenecks, the Binance Smart Chain continues to benefit from users migrating to it to interact with decentralized applications with low fees.

Recently the CEO of Binance posted a thread on his twitter talking about why and how the BSC could be replacing the ETH network.

Vitalik once said (and there’s a video of it somewhere), ETH’s killer is ETH. I think he’s right, ironically. Perhaps social networks are the best example. Friendster, MySpace were very popular, they couldn’t handle the load, they couldn’t keep up with user / demand growth.

Changpeng Zhao, CEO of Binance

Without a doubt, we are facing a very complicated scenario for the Ethereum network. Situation that should continue to drive the price of Binance coin in the short term.

A crypto analyst calling himself Crypto Godfather on Twitter, took advantage of the CZ thread to list some points in favor of BNB, and that could lead to a very achievable minimum price of $ 500, with the conditions as is.

Mark my words: $ 500 minimum very achievable with all the fundamentals and market conditions as is.

– Crypto Godfather (@CryptoGodfatha) March 2, 2021

With a fairly important bullish fundamental behind the price, such as the adoption of the Binance coin token accelerated by the growth of the BSC, it is quite clear that we should not bet against the trend.

With increasingly higher lows and highs seen on the weekly chart, a medium-term uptrend can be identified.

The week that passed as the entire market corrected to par, BNB displayed a decline to a low of $ 186.15. It looks like that was the bottom of the pullback at least for now.

This week the bulls appear to be regaining control. New all-time highs are most likely on the way.

BNB price weekly chart. Analysis of the trend of Binance coin in the medium term. Source: TradingView.

Bulls are regaining control of the short-term trend

Following a non-worrisome bearish direction seen on the daily chart, buyers are regaining control, demonstrated following the break of immediate resistance at $ 223.

Now the bulls should start manufacturing ever higher lows and highs to resume the undoubted dominating force.

Daily price chart of BNB vs USDT. Source: TradingView.