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Binance Coin (BNB) is poised to break through the $600 resistance level, potentially setting the stage for a new all-time high above $724 later this year.
The broader market has gained significant momentum as Bitcoin (BTC) rises above the $75,000 mark, briefly touching the $76,000 level. Binance Coin has been a standout among the top performers.
With BNB testing the $600 zone and the possibility of a breakout, the cryptocurrency is preparing for a massive bull run. Will this surge push Binance Coin to a new all-time high, surpassing the $724 mark?
Can Binance Coin Surpass its Multi-Month Resistance?
On the daily chart, BNB’s price action shows a swift recovery from a recent 7-day low of $543. Despite briefly dipping below the $550 psychological level and the 100-day simple moving average, the broader market’s recovery has propelled Binance Coin’s price upward.
BNB has experienced a 9.4% jump from its 7-day low to the current market price of $594. With a 24-hour high of $611, buyers attempt to finally overcome the $600 resistance level.
The struggle to secure a strong 24-hour close above $600 remains significant. This level has historically acted as a formidable resistance, causing several bearish reversals and coinciding with the 61.80% Fibonacci retracement level.
The intraday rejection at higher prices suggests the possibility of a bearish reversal, but the broader market recovery hints at the potential for an uptrend continuation. Hence, the price action traders are suggested to wait for is a strong closing before finding a bullish entry.
Supporting the bullish possibility, the MACD and signal lines are on the verge of giving a positive crossover. Meanwhile, the simple moving averages 50-day, 100-day, and 200-day maintain a sideways trend following the golden crossover.
Will BNB Coin Price Cross $724?
BNB’s price action has formed a consistent higher-low pattern in recent intraday movements, which increases the likelihood of a bullish breakout. According to Fibonacci retracement levels, a breakout above the 61.80% level could propel Binance Coin to challenge the 78.60% level at $655, ultimately aiming for the 100% level at $724. If successful, this could result in a new all-time high for Binance Coin.
On the downside, if the bullish momentum fails to materialize, critical support levels are found at $564 and $526.