Binance’s BNB token is facing a correction. The daily charts show that the asset was down 0.6% and 5.8% over the previous week. Despite the correction, the token has maintained some gains in the other time frames. The fifth-largest cryptocurrency by market cap is up 2.5% in the 14-day charts, 3.8% in the monthly charts, and 135% since November 2023.
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Why The Correction?
BNB’s latest correction could be due to investors booking profits from the recent rally. Bitcoin (BTC) hitting multiple all-time highs over the last few weeks may have triggered a market-wide rally.
BTC’s rally, on the other hand, is likely due to Donald Trump winning the US Presidential election. Market participants anticipate lenient crypto regulations over the next four years due to Trump’s pro-crypto stance. According to IntoTheBlock, 100% of BTC holders are now in profit.
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Binance’s BNB Predicted To Hit $1630
According to prominent cryptocurrency analyst Ali Martinez, BNB could be on the verge of breaking out. The analyst is waiting on a weekly close above $662. Martinez believes BNB could potentially rise to $1630. Hitting $1630 from current price levels will entail a rally of about 166.8%.
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CoinCodex analysts also paint a bullish picture for BNB. The platform anticipates the asset to rally over the next few weeks. CoinCodex predicts BNB will breach the $1000 mark in mid-February, hitting $1021.07 on Feb. 19, 2025. Reaching $1021.07 from current price levels will translate to a rally of about 67.16%.
Changelly, on the other hand, is quite bearish on BNB. The platform anticipates BNB to trade at a potential maximum price of $617.36 in February 2025. Reaching $617.36 from current levels will lead to a rally of just 1.07%.
