Experts believe Binance Coin is poised for a short-term rally after recent bloodbath

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. 

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.