Binance Coin price has rallied sharply in the past few weeks. The price has become extremely overbought meaning that a pullback is possible
The Binance Coin price is in an unstoppable bull run. The BNB price has risen by more than 179% in the past 7 days and by 54% in the past 24 hours. This has brought its market cap to more than $21 billion, making it the seventh-biggest cryptocurrency in the world. It has even passed currencies like Litecoin and Bitcoin Cash.
Binance Coin news: The only major news related to Binance is that the company recently made a $2.4 million investment in the Plasm Network. Plasm describes itself as a parachain candidate built on the Polkadot network that supports Ethereum and Layer2 Solutions. The head of Binance said:
“We have been very impressed by Plasm Network’s growth since its launch. The first parachain connected to the Rococo-V1 Parachains Testnet is one of the most promising parachain candidates for Polkadot mainnet.
Binance Coin price prediction
Last week, I wrote that the Binance Coin price would continue soaring because of the overall bullish flag pattern. In the article, I predicted that the price would soar to about $60. That thesis was correct as the price rallied to another all-time high of $150.
However, looking at the daily chart, we see that oscillators like MACD, Stochastic, and RSI have all moved to the extreme overbought level. Therefore, while the uptrend will likely continue, I predict that the BNB price will go through a healthy pullback in the near term.