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With the Bitcoin price nearing the $64,000 mark, broader market sentiments are recovering this week. Despite a bullish start, the broader market sentiment remains neutral, with the fear and greed index standing at 45.
Amid the relatively bullish conditions, the BNB price has increased by 0.46% in the past 24 hours and is currently trading at $578.41. Meanwhile, the market cap of BNB coins stands at $84.40 billion, making it the fourth-biggest cryptocurrency in the market.
Binance Coin’s Ascending Triangle Holds The Fate
The Binance coin price action reveals a rising trend in the 12-hour chart, reflecting a growth in bullish dominance. However, despite the higher high formation and growing bullish influence, the BNB coin price fails to surpass the crucial resistance near the $600 psychological mark.
With multiple reversals over the past five months, the BNB price action now reveals an ascending triangle pattern, with the overhead ceiling at $600. Furthermore, the short-term price action reveals a cup-and-handle pattern formation after the failed inverted head-and-shoulder pattern.
However, the neckline of both the patterns remains the same at $600. Currently, the BNB coin price is trading above the 50% Fibonacci level and the 50-day EMA, with a bullish candle in the making.
The 12-hour RSI line reveals a positive trend, surpassing the halfway line. Further, the MACD and signal line maintain a positive alignment.
Triangle Breakout in 4H Chart Targets $612
With bullishness added to the price action, the 4-hour price chart reveals a triangle pattern breakout, with daily momentum gaining. With three consecutive bullish candles, the BNB price surged by 2.34% before taking a minor pullback of 0.31% in the last four hours.
In the 4-hour chart, the Fibonacci level reveals the ongoing rally, struggling to surpass the 61.80% Fibonacci level at $584 in the short-term trend. Meanwhile, the triangle breakout rally finds the next two crucial resistances in the 4-hour chart at $596.612.
Analyst Anticipates Bull Run Ahead With Flag Breakout
Amid the improving conditions, the BNB-USDT weekly chart reveals a bullish pattern ready for a breakout rally. As highlighted by Satoshi Flipper in an X post, a futures trader reveals a potential bull run ahead. Satoshi Flipper highlights the flag pattern looking extremely similar to the BTC price action with the bullish flag in action.
Hence, with the quote, “A rising tide lifts all boats,” Satoshi Flipper anticipates a bullish rally in Binance Coin with the channel breakout.
Ethereum’s Decline Sets the Stage for Binance Smart Chain and Solana
Furthermore, in a recent X post by MartyParty, the analyst highlights a bullish opportunity in the volatile market. In Bitcoin’s dominance chart, a rising trend is witnessed, maintaining 58% levels. However, the Ethereum dominance loses market share, with BNB and SOL remaining stable at 3-4% dominance. This relative balance suggests that Binance and Solana are holding their ground as Ethereum bleeds with Vitalik and the Ethereum Foundation on a selling spree.
With Ethereum’s decline, the users and developers seeking alternatives with lower fees and faster transactions will expand the BSC and Solana Network. If this trend continues, BNB coin and SOL could capture a significant share of Ethereum’s market. Hence, in the next bull run, the Ethereum-killer Solana could stand true to its name with decentralized applications and projects migrating to Solana and BSC.
From Binance’s perspective, the network could become a trusted ecosystem with a growing space for DeFi, gaming, and NFTs.
Will Binance Coin Price Hit a New All-time High?
Based on the Fibonacci levels in the 12H chart, the bull run in the BNB price with the $600 breakout will face multiple resistances. The next two crucial resistances above the $600 neckline are at $651 and $710 at 78.60% and 100% Fibonacci levels, respectively.
As the optimistic price target, if the breakout rally continues for the rest of 2024, the 1.618 Fibonacci level at $883 seems like a potential new all-time high for the BNB coin if the speculations are correct.
On the flip side, the crucial support levels for the BNB coin price are at $575 and $555.