BNB Price Soars 600% From Bear Market Lows, Eyeing $1,980 As Next Target

The cryptocurrency landscape is witnessing a remarkable shift, with the BNB price emerging as a standout performer among the top ten cryptocurrencies by market capitalization. 

Over the past week, Binance Coin has surged by 30%, propelling its price to a new all-time high just shy of $1,350. This latest rally translates to a major 600% increase from its last bear market lows.

The recent momentum has been particularly noteworthy, as the BNB price eyes to turn the $1,300 mark as its new support for further upside movements, retracing only 2% from its peak after its record-breaking rally on Tuesday. 

This minimal pullback signals a lack of sustained selling pressure and suggests that further upside potential remains on the horizon. If this trend continues, analysts are eyeing new price targets for BNB.

The uptrend has also witnessed BNB surpass both XRP and Tether’s USDT, reclaiming its status as the third-largest cryptocurrency, trailing only behind Ethereum (ETH) and Bitcoin (BTC). 

This has been in part, attributed to CEA Industries Inc., which recently announced it has acquired over $600 million worth of BNB, holding 480,000 tokens at an average cost of $860 each. 

CEA’s ambition to become a major player in the BNB ecosystem, is also highlighted on its roadmap with plans to own 1% of the total Binance Coin supply by the end of the year.

David Namdar, CEO of CEA Industries, commented on the recent surge, stating, “BNB’s all-time highs are a clear validation that the global markets are waking up to the inherent value, credibility, scale, and utility of both the asset and underlying ecosystem.” 

The company’s CEO further emphasized that Binance Coin should be viewed not merely as a token, but as a central component of a “highly integrated network.”

Market expert Lark Davis has also added to the growing bullish sentiment surrounding the cryptocurrency’s rally on social media site X (formerly Twitter), noting that BNB is now firmly in price discovery mode, which could lead to further significant gains as the anticipated demand continues to grow. 

According to the expert’s analysis, the next major Fibonacci targets for the BNB price are set at $1,486 for the 2.618 level and $1,983 for the 3.618 level, indicating a strong possibility for continued upward momentum.

This implies that if this scenario plays out, the coming days of months could see additional increases for the BNB price of 14% and a major 52% in the case of breaching $1,900.

Featured image from DALL-E, chart from TradingView.com