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Will the Binance ($BNB) coin price surpass the $800 milestone for a new all-time high amid increasing volatility?
With a 1.24% decline over the past 24 hours, the $BNB coin price maintains a market cap of $102 billion. Currently, the Binance coin price remains above the $700 level and is the 6th largest cryptocurrency in the market.
Amid Bitcoin’s price fluctuations near the $100,000 mark, the increased volatility is affecting the bullish trend of Binance Coin. Will this market volatility result in an extended correction for Binance Coin, or is a breakout rally on the horizon for a new all-time high?
Binance Coin Price Analysis
Following the recent all-time high of $794.3, the $BNB coin price experienced a minor pullback, resulting in a loss of trend momentum. $BNB’s price dropped from $794.3 to the recent 7-day low of $649.9.
This represents a price drop of 18.18% amid the broader market recovery. However, with lower price rejections from the $650 psychological level, $BNB has reclaimed the $700 mark.
Currently, the Binance coin is trading at $709.5 with an intraday recovery of 0.48%. This nullifies the chances of an evening star pattern as the previous-day candle witnessed a higher price rejection from $724.
Based on Fibonacci levels, $BNB is showing a bearish crossover between the MACD and Signal lines. Additionally, the daily RSI line is moving sideways, slightly above the halfway mark, reflecting bullish dominance at lower levels.
$BNB Coin Price Targets
With the post-retest reversal from the $650 psychological mark gaining momentum, bullish sentiment forecasts a new breakout rally.
The $BNB coin price previously failed to maintain dominance above $724. However, a breakout rally amid broader market recovery could lead to a new peak. Furthermore, the bulls could challenge the 1.272 Fibonacci level at $812.
On the other hand, key support below the 78.60% Fibonacci level remains at the $600 psychological mark.