Is Binance Coin (BNB) a HOT BUY? Here's What you Should Consider

Binance Coin is one of those cryptocurrencies that made headlines in 2021. In fact, the cryptocurrency has risen by more than 1,400% year-to-date. With a current price of USD 600, BNB is aiming to reach the USD 1,000 price mark. Can this really happen? Should you buy Binance Coin?

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Binance Coin Price Prediction – BNB crosses the USD 600 mark

In a previous article, we specifically called out BNB as a good investment, given several factors. Back then, prices were around USD 500 and in consolidation mode. The natural course of action was a breakout of the USD 600 psychological price, in preparation for higher levels. Binance coin is certainly eyeing the USD 1,000 price mark. In fact, this price would give Binance a market capitalization price of around USD 153 Billion, which is a very logical valuation.

The USD 600 cross signals a break in consolidation. Bulls are on the rise and prices are expected to reach higher prices, especially that Binance Coin’s price is going higher while Bitcoin is still in consolidation mode. When Bitcoin goes back to its uptrend, BNB would most certainly explode.

Should you buy Binance Coin today?

Definitely yes. The technicals are already in a buying formation, where prices broke through the upper consolidation price area. In figure 1, we can clearly see a break upwards. Here’s a nice setup to keep in mind for now:

Buy price: USD 605
Stop-loss: USD 550
TP: USD 700 for short-term traders

Keep in mind that BNB’s price can still retrace downwards before continuing on its uptrend. Your entry point would then depend on your risk appetite.

BNB/USD 1-day chart showing BNB's uptrend — **Fig.1** BNB/USD 1-day chart showing BNB’s uptrend – TradingView

The Crypto Market as a whole

In the past 7 days, most cryptocurrencies are back on track and deep in the greens. The crypto market is up by 23.5% and well above a market cap of 2.1 Trillion. Although Binance Coin is up by more than 18% in the past 7 days, many coins shot way higher like Polygon (MATIC) + 146%, Fantom (FTM) + 136%, WAVES (WAVES) + 66% and Dent (DENT) + 63%. For the rest of the top 10, they all recovered as well. Wish the media reported this also, as they always tend to talk about the crypto crashes:

1- Bitcoin (BTC) : + 8.45 %