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Will Binance (BNB) Coin price start a breakout rally to surpass $800 and set a new all-time high as Bitcoin crosses $100K?
Altcoins are following a bullish trajectory, with the total crypto market cap (excluding Bitcoin and Ethereum) rising by 1.11% yesterday, reaching a valuation of $1.04 trillion. Among the top altcoins, Binance Coin surged 2.28% over the past 24 hours.
Notably, BNB has increased by 4.32% over the past seven days, cementing its position as the fifth largest cryptocurrency with a market cap of $105.24 billion.
With the short-term recovery poised for a breakout rally, bulls expect a significant upside for Binance Coin. Will this rally propel the price beyond the $800 mark?
BNB Coin Price Analysis
On the 4-hour chart, BNB’s price action reveals a strong resistance level slightly above the $730 mark. The supply zone extends between $728 and $731.
Currently, Binance Coin’s recovery, with a 2.90% surge last night, is challenging this resistance level. This crucial zone coincides with the 61.80% Fibonacci retracement level.
The bullish recovery in BNB highlights a potential inverted head and shoulders pattern, with the supply zone acting as the neckline. This pattern typically signals substantial upside potential.
As the recovery continues, the critical EMA lines on the 4-hour chart have turned bullish. Additionally, the RSI is nearing the overbought zone, signaling continued bullish momentum. Thus, technical indicators are providing a buy signal.
Binance Coin Price Targets
Currently, BNB is forming a morning star pattern at the 61.80% Fibonacci level as a potential retest. If the post-retest reversal gains momentum, the immediate resistance levels for Binance Coin are at $757 and $795.
If the bulls manage a breakout, the upside potential for Binance Coin extends to $840, which is very close to the Fibonacci price projection of $841 at the 1.272 level.
On the flip side, key support for Binance Coin remains at the 100 EMA line at $705.