BNB Breaks $1,200 ATH: Will It Reach $1,500? - Coinspeaker

Key Notes

• BNB reached an all-time high of $1,220 on October 6.
• Some analysts expect the token’s price to break above $1,500.
• BNB’s RSI is still in the neutral zone despite the massive two-month price rally.

October started with bullish expectations for Bitcoin

BTC $123 699

24h volatility: 0.8%

Market cap: $2.46 T

Vol. 24h: $57.50 B

and the broader altcoin market. The current fear of missing out pushed BNB

BNB $1 206

24h volatility: 2.6%

Market cap: $167.76 B

Vol. 24h: $3.08 B

to a new all-time high.

BNB gained 3% over the past 24 hours and reached an ATH of $1,220 at around 06:35 UTC on Oct. 6. The asset’s market cap reached $170 billion, getting close to USDT’s $179 billion value.

Notably, BNB’s rally didn’t start overnight. The asset recorded a 60% price rally over the past two months.

With the current FOMO, some analysts believe that BNB could push further, market the $1,500 zone as the next psychological target.

However, it should be noted that it takes more than just FOMO for BNB to break above $1,500 since its market value would need to reach above $208 billion. This would make it the third-largest digital asset in the market, surpassing XRP

XRP $2.98

24h volatility: 2.5%

Market cap: $178.51 B

Vol. 24h: $4.85 B

and USDT

USDT $1.00

24h volatility: 0.0%

Market cap: $177.08 B

Vol. 24h: $102.96 B

.

BNB Still Not Overbought

BNB’s technical data, combined with the market FOMO, shows that $1,500 is still a realistic target.

According to data from TradingView, BNB’s Relative Strength Index just reached 72 with the new ATH

BNB price hitting new ATH and RSI at 72 | Source: TradingView

Related article: BNB Hits New ATH at $1,112 amid Massive Surge in Trading ActivityThe indicator shows that BNB is seeing strong momentum from market participants, but it’s still not overbought at this point.

If the RSI moves above the 80 mark, it would indicate overbought conditions, triggering profit-taking and high price volatility for BNB.

Moreover, Bitcoin’s new ATH of $125,559 on Oct. 5 boosted the FOMO around a bullish October, often called “Uptober” among the crypto community. Coinspeaker reported that there are expectations of $150,000 for the BTC price due to the strong momentum.

Bitcoin recorded an average monthly return of 20.8% over the past 12 Octobers, according to data from CoinGlass. If the leading cryptocurrency rises further, there’s a good chance that the top altcoins, like BNB, will follow.

nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.