Experts believe Binance Coin is poised for a short-term rally after recent bloodbath
- Binance Coin recovered from the recent drop in its price, starting a price rally during crypto bloodbath.
- Binance Smart Chain is on its path of progressive decentralization, with new institutions joining its validator network.
- Analysts are bullish on Binance Coin price, predicting a rally to $500 in March 2022.
Binance Coin posted over 4% gains overnight during a crypto bear market. The Binance Smart Chain is on track to decentralize further, with institutions joining its network as validators.
Analysts predict a rally in Binance Coin as the altcoin recovers
The native token of the Binance Smart Chain survived the recent crypto bloodbath, posting 4% gains overnight. Binance Coin has started an uptrend, unlike most altcoins in the top 30 cryptocurrencies by market capitalization.
After the largest DeFi hack hit Qubit Finance, attackers wiped out $80 million worth of cryptocurrencies from the Ethereum-BSC bridge; there was no negative impact on the token’s price.
The attacker holds $80 million worth of Binance Coin in their wallet at the time of publication.
Analysts have evaluated the Binance Coin price trend and predicted a rally in the altcoin’s price. @CryptoTony_, a pseudonymous crypto analyst and trader, believes that Binance Coin’s demand zone is currently being tested. Upon holding the demand zone, the analyst has predicted that the Binance Coin price could move up to the supply zone at $504.
$BNB / $USD - Update
— Crypto Tony (@CryptoTony__) January 25, 2022
Demand zone is currently being tested and so upon holding i would look for a move up to the supply zone at $504.00 pic.twitter.com/TNUu4e4CxU
FXStreet analysts believe that Binance Coin is set to gain 100 points in market value. Analysts have noted that there is a hidden bullish divergence on the daily chart; however, Binance Coin price could hit the $400 zone.
Analysts at FXStreet believe that downside is limited to $200, and it is likely that Binance Coin will continue its uptrend.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
