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Binance Coin surges 25% in seven days, challenging key resistance with the potential to reach $710 and beyond.
With the crypto market sustaining above the $2 trillion valuation, Bitcoin baffles investors near $60K. As the firstborn crypto fluctuates above $60K, Binance Coin shows a breakout rally ready to surpass $600. Should you consider buying the BNB token before the bull resumes?
Weekly Gains Continue for Binance Coin
The BNB coin price has increased by 43.60% over the past three weeks due to a bullish recovery. Further, the recovery forms a morning star pattern in the weekly chart and is continued by a bullish engulfing candle.
This week, the BNB price has increased by 8.81%. In the broader picture, the weekly chart reveals a double bottom formation with a long tail near the 50% Fibonacci level at $434.2.
As the bullish resurgence propels the BNB coin price higher, the chances of the $662 breakout or the 100% Fibonacci level increase. Supporting the bullish trend, the positive alignment of the crucial weekly exponential moving averages in (20,50,100,200) and a positive crossover in VI lines tease a potential crossover.
Closer Look Over the Double Bottom
In the daily chart, the BNB coin price showcases a double bottom pattern with a slight modification. Based on the Fibonacci level, the neckline of the double bottom pattern is near the 50% line, which is $587.
The Binance Coin price is currently trading at $578 with an intraday pullback of $0.81. Further, the bullish recovery from the $464 support level is challenging the overhead neckline with a 25% jump in the last 17 days.
The general market sentiment expects a favorable breakout as the bullish momentum rises. However, a potential retest of the 50% Fibonacci level is possible before asserting dominance over the $600 psychological mark.
Will Binance Coin Price Hit $700?
The daily RSI line is close to approaching the overbought zone, but a minor dip reveals a gradual surge in bullish momentum to avoid any significant crash. Furthermore, the VI line sustains a positive alignment with the ADX line and is ready to bounce back.
Hence, the momentum indicator supports the bullish trend in motion.
Based on the Fibonacci levels, the upside target for the Binance Coin price is $710, $777, and $863, which are the 100%, 1.272, and 1.618 Fibonacci levels, respectively.