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BNB continues its impressive rise. Is it heading towards $1,000?

The Binance cryptocurrency's (BNB) remarkable upward trajectory and recent significant gains have led many analysts to question whether BNB can maintain its momentum and break through the long-awaited $1,000 mark.

Analysis of the recent price trend of BNB coins

The world of cryptocurrencies has clearly been affected by the intense rise of Bitcoin, but some altcoins still manage to stand out from the pack. These coins include Binance Coin (BNB) which has seen a recent percentage increase. While the market has been falling since last night.

Over the past few weeks he has witnessed Binance Coin Price Rapid rise. In fact, although the overall cryptocurrency market is showing signs of high volatility, Binance Coin (BNB) is confidently making its way to the top.

In one day (the day before yesterday), the price of the Binance cryptocurrency increased by 14% and almost 77.4% in one month. As a result, it has become the undisputed best in recent days on the cryptocurrency market. In fact, BNB came very close to its all-time high (ATH) yesterday Thursday.

With growth of up to 100% since the start of the year, BNB shows us that behind the numbers lies a strategy, and a burning desire from investors who do not see it as a simple token, but a ticket to the 'future.

Binance's impressive development began when the token's value was still between $348 and $371. After several battles between bulls and bears, BNB managed to break its chains and rose significantly. After a short break at $543, it started again, leaving a trail of light towards unexplored heights.

The impact of BEP 336 update on Binance coin price

At the heart of this rise is the promise of a silent but profound revolution brought by the BEP 336 update. Indeed, without relying on a marketing approach, those responsible for Binance have brought a major change to the blockchain. This is essentially a move towards efficiency, aimed at reducing the cost burden, making the digital liquid BNB is immersed in lighter, faster and less expensive.

With this update, it appears Binance Smart Chain has found the formula to turn gas cost lead into affordability gold. After that, the price of BNB coins saw a 14% increase. We are not talking about coincidence, but about cause and effect.

BNB Price Forecast and Technical Analysis

The current price of Binance Coin is around $579, with unfavorable technical indicators. Like the Relative Strength Index, which has fallen below 50.

Binance Coin (BNB) last week
Binance Coin (BNB) last week

A study of price charts indicates that the BNB cryptocurrency appears to be playing a game of chess with the market. While everyone expected the coin to put up a real fight at $650, which is a massive resistance that needs to be breached to pave the way to $700 and beyond, it fell below $580 and lost its upward momentum in minutes! This is a strong correction as expected.

Even though yesterday's indicators were favorable for the bulls, the market has deteriorated. After BNB failed, it failed to hold the $635 line. Then it lost the support line at $600, now it is heading towards the next support at $570 or even $500. This would dampen the enthusiasm of everyone in the industry.

However, if Binance rebounds and exceeds the $631 level again, the legend could continue, towards $675, $700, and why not reach, in the future, the mythical level of $1000.

👈 For the latest Binance Coin (BNB) price analysis from BeInCrypto,click here>

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