BNB has surged more than 5% with a high trading volume following a 90% drop in Binance Chain Gas Fees. Is $700 BNB’s next target?
BNB coin has surged 5.80% with a 26.22% increase in trading volume in the past 24 hours, at press time, per CoinMarketCap. This follows a 90% slash in Binance Chain gas fees from 1 gwei to 0.1 gwei. CZ’s approved proposal on reducing gas fees could catalyze the BNB price uptrend to $700 and the psychological $1000 mark.
BNB’s Open Interest has risen 6.27%, with the 24-hour long-to-short ratio at 1.05. As the Relative Strength Index (RSI) hits 71 (overbought zone), BNB could face a price pullback following a sharp bullish rally. However, the short-term, medium-term, and long-term moving averages flash “strong buy” at press time.
Analysts have predicted that the breakout above the $634-$644 key resistance zone could see the coin rally towards $700 in the next few days, while targeting $1000 in the long run. Investors signal renewed optimism following this development on the Binance chain. If the bullish momentum holds, BNB’s rally to $1000 could be due soon.
