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Taking a quick U-turn, Binance Coin (BNB) reclaims 100 lost points and resurfaces above the $500 psychological stop. Following the 8.95% surge overnight, BNB aims for an uptrend to $700.
With the crypto market again surpassing the $2 trillion level, the trend momentum in the altcoin market has increased. Given its large market cap, Binance Coin is slow but steady among the top performers.
Further, the bullish reversal in the BNB price trend is slowly undermining the recent free-fall correction. So, as the underlying dynamic of the Binance Coin changes, let’s take a closer look at the price analysis to find bullish entry opportunities.
Dominant Bulls at $400 Reset the BNB Price Trend
In the weekly chart, the bullish trend in Binance Coin recently reversed from the $700 milestone. The pullback, along with the drop in the broader market, caused the BNB price to slump to the $400 mark.
However, the bullish dominance at the crucial $400 mark quickly propels the altcoin price higher. Overcoming minor resistances amid the overnight jump of 8.95%, Binance Coin reclaims the $500 mark, and the recovery run jumps to 26.18% from the $403 low.
The lower price rejection in the weekly candle from the 50% Fibonacci level reveals massive underlying demand. Further, it improves the chances of a bullish uptrend as the long-tail candles uplift the overall sentiment.
The weekly RSI line shows a minor divergence in the two dips formed near the $500 mark. Further, the bullish crossover in the VI lines bolsters the uptrend chances in the Binance Coin.
Weekly analysis for a New ATH in Binance
As the bullish trend picks up pace for BNB, optimism in the derivatives market surges. Based on Coinglass data, Open interest has increased by 1.61% to reach $464M, $36M shy of the $500M milestone.
Further, with the long/short ratio of 1.019, Binance traders are extremely bullish, with the long/short (accounts) peaking at 2.0788. Based on positions, the long/short Binance traders maintain an overall ratio of 1.409.
Where is the Binance Coin Price Headed?
As the buyers control the driving seat, the recovery rally for Binance Coin gains momentum. The uptrend in the surpassing $500 psychological mark hints at an extended run to the 100% Fibonacci level at $662.
Based on the Fibonacci levels, the uptrend can scale to the 1.618 Fibonacci level at $945. However, the 1.272 Fibonacci level at $787 can result in a minor dampening of the uptrend.