Analyst Optimistic as Binance Coin Shows Bullish Breakout Candle, Reveals Next Price Target for BNB

Crypto trader Degen highlighted a bullish outlook for exchange token BNB after breaking out to new multi-month highs. He notes Binance Coin looks poised to continue running toward the $300 area initially after reclaiming the $260 resistance zone that had capped price action for most of the past six months.

Moreover, with Binance offering attractive staking yields for BNB holders via programs like Launchpool and Launchpad, holding the exchange’s native asset grows increasingly enticing. These perks likely serve to constrain BNB selling pressure during rallies.

Analysis by altFINS confirms the bullish structure, with BNB rallying to its highest level since May after overcoming resistance around the psychological $260 mark. That breakout helped confirm the resumption of the token’s core uptrend across timeframes.

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With the technical picture improving and holders incentivized to remain invested, BNB seems primed to keep outpacing the market, according to Degen. The firm move back above its 200-day moving average and out of its multi-month trading range points to sustained strength as Binance maintains its commanding lead among centralized exchanges.

If Bitcoin consolidation gives way to a more decisive upside, exchange tokens like BNB should capture strong inflows from traders migrating back toward risk-on allocations. After lagging the wider market for most of 2022, BNB’s breakout signals traders now rotate back into crypto market leaders at the start of the new year.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency