The recent revival of the crypto markets and the emergence of new projects have created profitable opportunities for savvy investors. Lookonchain, a blockchain analytics platform, recently showcased a trade in which a clever trader turned $1.46 million in BNB into $4.45 million in just 5 hours by strategically buying and selling the CAT token. This trade highlights the potential for significant gains in the current crypto landscape.
According to Lookonchain, the trader invested 2,500 BNB, roughly $1.46 million, to buy 318.87 billion CAT tokens. This investment was made at the right time, as liquidity for CAT was introduced. However, The timing of the purchase was impeccable.
The trader quickly took advantage of market shifts, selling 318.87 billion CAT tokens for approximately 7,639 BNB, about $4.45 million. This swift transaction resulted in a profit of 5,139 BNB, or roughly $3 million. The entire process was completed in just five hours.
Apart from this tradable trade, the BNB has recently experienced notable gains. According to the most recent data, BNB increased by over 10% on the last day and is currently trading at $579.93. However, Data from CoinCodex indicates that this upward momentum is anticipated to continue, with predictions suggesting that BNB may reach $601 by Sunday, August 25, 2024. Reaching this goal would represent a 3.51% increase from its current levels.
Crypto Analysts Bullish on BNB Price Potential
However, Crypto analysts are growing more optimistic about its future. Suen, a notable analyst, highlights that BNB is approaching its all-time high (ATH) of $718.3, suggesting a potential for significant price movement. However, He points to its V-shaped recovery and strong market structure as signs of a “sleeper coin” ready for substantial price discovery.
Suen draws attention to a crucial resistance level close to its previous ATH that might catalyze even more significant gains. He emphasizes that the upward trend is supported by a consistent pattern of higher lows and strong purchasing volume. This indicates one of the most crucial market structures in the current market.
Additionally, Fibonacci regression levels indicate $718.3 as a key hurdle. If the coin overcomes this resistance, Suеn projects a potential price increase towards the $1,000 mark. An additional factor bolstering this optimistic view is the anticipated release of Binance CEO Changpeng Zhao (CZ), which may favor the company’s price.
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Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.
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