Data analyzed by Finbold indicates that BNB’s target of $500 remains in play despite short-term retracement. Finbold is a financial firm that provides in-depth market analysis.
May 10, 2021, Binance Coin (BNB) has recorded a new all-time high. Its price reached $690 with a market cap of over $100 billion. But, amid the recent crash, BNB dropped to $247 on May 23rd.
However, BNB is now on a recovery path. Finbold said that the recovery is somewhat due to the grown capital inflow from investors buying the coin after the price correction.
Recently, BNB became famous due to many projects enlisting on the platform. Furthermore, Finbold predicts that the value of BNB might surge further when Binance launches its NFT marketplace. Moreover, the firm added that Binance cross-chain financial support to fill the gap in the DeFi ecosystem would also play a role in price surge.
Finbold remarked that BNB price shows the coin is making a decent recovery from the May 23 low point having surged 75%. Also, BNB is recovering and moved between the 23.6% and 38.2% Fibonacci retracement levels.
Furthermore, the Finbold team noted that BNB had breached the 50 EMA. But it is showing signs of resistance above 200 EMA. But there is a chance the price will go with the upward trend as bulls target a retracement at $450. This is 13% over the current price level.
The price movement of BNB points toward a bullish one. In other words, if the token breaks the key EMAs, BNB will likely surge to $500. “BNB’s target of $500 and possibly another ATH remains at play over the token’s strong fundamental support. Also, an rising utility within the Binance ecosystem,” Finbold added.