- BNB traded above $880 as cryptocurrencies trend higher.
- This rally could give the bulls a shot at above $1,000, supported by overall market sentiment.
- However, the situation with technical indicators is mixed.
BNB price is showing early signs of recovery amid a tumultuous week for the altcoin market, with the price falling below the intraday high of $903.
The price has fallen about 1.4% in the past 24 hours and is hovering around $882, meaning the bulls are looking at a return to the important $900 level and could target $1,000.
Market optimism, financial institutions’ interest, and technical indicators align to allow this to occur in the coming days and weeks.
In particular, the cryptocurrency’s resilience above $800 comes as Bitcoin stabilizes above $91,000 after rebounding from lows around $80,000.
Markets are mixed, but bulls are showing resilience.
BNB price outlook
Although the price has fallen more than 35% from recent highs, market experts remain bullish on BNB’s trajectory.
Even if short-term volatility continues, technical analysis suggests that the average price of the token could reach $1,000 in the coming months.
If momentum continues, BNB price could push above the psychological level of $1,200 and further push ATH above $1,370.
Short-term technical indicators support a variety of situations. BNB’s 50-day moving average is sloping, with a key hurdle near $1,050, while the Relative Strength Index (RSI) of 40 suggests neutral territory, although it could be oversold and fall before recovering.
However, the price broke above the resistance line of the descending wedge and the MACD suggests a bullish crossover.
If BNB overcomes the $900 resistance, we could see a quick rally to $1,000, which could coincide with broader market stabilization.
In addition to broader sentiment, BNB’s utility in the Binance ecosystem positions it to outperform BNB in a risk-on environment.
What’s bullish for BNB price?
With institutional capital inflows and whale activity firmly in the spotlight, several key factors are coming together to ignite another leap forward for BNB.
At the forefront is the newly filed VanEck BNB ETF, which was filed with the SEC on Nov. 21 for listing on Nasdaq.
Spot ETFs hold BNB directly and track the BNB index without initial staking, but future yields through third-party providers can be added without notice.
If approved, VBNB could mirror the success of Bitcoin and Ethereum ETFs, freeing up billions of dollars in traditional capital and increasing BNB’s legitimacy.
Many saw this as a major shift in exposure to altcoins, and social hype soared.
Broad market stability is also a tailwind.
Bulls were helped by Bitcoin’s rally following New York Fed President John Williams’ recent dovish comments. This eased last week’s panic selling that sent BTC below $80,000.
BTC losses caused altcoins to fall.
Commodity flows traded on exchanges also turned positive after continued net outflows. Despite overall weak demand for large whales, inflows at the support level around $800 suggest discount buying ahead of the rally.
