In our last Binance Coin forecast, we wrote that it is now the last chance for the Binance Coin price. The reason for this was the achievement of an important support. This is around $200. The price was able to close the monthly candle bearishly, but not below $200. Well, since July 2022 started, the price has been able to hold above $200, which is why it looks very bullish. We at CryptoTicker will tell you today whether the price could rise to $600 in the near future. There is a chance, but how likely is it? Subscribe to our newsletter so you don’t miss anything.
Can the Binance Coin price rise to $600 soon?
BNB/USDT Sideways phase
Since the Binance Coin price has reached the bottom of the sideways phase between $200 and $600 and has not broken it, there is a probability that the price will rise to $600 next. In the past, the price has risen to $600 every time it reached the support of $600. Now it could happen again. However, you should always look at the current crypto market before investing in a coin. Since the entire crypto market is currently rather bearish, one should not assume too strongly that the Binance Coin price will rise to $600. However, there is a chance, since it was the same in the past.
How likely is an increase to $600?
The probability that the Binance Coin price will rise to $600 is very small. The Bitcoin price is currently aimed at rather lower prices, which is why the entire crypto market, including the Binance Coin, is likely to be dragged along. It could be that BNB rises to the next resistance, but one should not assume too much from this one. The next resistance is at about $325. This figure is still absolutely realistic. In a bear market, however, one should rather position oneself on the short side. Through shorts, you can earn profits by falling prices.
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