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With a bullish reversal, the Binance coin (BNB) price is heading for a critical breakout event. Will this lead to a new all-time high?
BNB price has increased by 2.17% in the past 24 hours, registering a 6.26% gain in the last seven days. This is a remarkable feat, as it comes at a time when the altcoin market witnessed a minor pullback.
Currently, the Binance coin is trading at $583, with a market cap of $85.213 billion. With a reversal rally gaining momentum, BNB is gradually approaching the $600 mark.
Will a bullish trend in the BNB price lead to a new all-time high in 2024? Let’s find out.
BNB Coin’s 4-hour Rounding Bottom
The 4-hour chart shows the BNB price action, revealing a support trendline fallout. This happened during the broader market correction due to the geopolitical tensions in East Asia.
However, the Binance coin price quickly found support at the $537 level to start a recovery rally. The trend reversal in the BNB price forms a rounding bottom formation, with a neckline near the $610 supply zone or the previous swing high.
However, based on the trend-based Fibonacci levels, the BNB price is facing opposition near the 38.20% level at $587. However, the growing influence has led to a bullish crossover between the 50 and 100 EMA.
Furthermore, the 4-hour RSI line maintains a sideways trend above the 50% half-line, reflecting an overall bullish sentiment.
Will Binance Price Hit $750?
As the recovery rally aims to approach the rounding bottom’s neckline, a potential bullish breakout will likely target the $639-$667 in the short term. On a larger scale, the 161.80% Fibonacci level at $747 is an optimistic target by the end of 2024.
Hence, the underlying potential shows the possibility of BNB forming a new all-time high in 2024. However, the broader market sentiment will play a crucial role in determining the price fluctuations towards the target.