thecryptobasic.com
With the broader market holding steady at key levels, Binance Coin ($BNB) has reclaimed the $700 mark. Could this recovery signal the beginning of a triangle breakout rally?
As Bitcoin rebounds above key levels, the altcoin market is also experiencing a recovery rally. Among the top-performing tokens, Binance Coin shows potential for a breakout rally.
In this recent recovery, $BNB has reclaimed a market capitalization of $100 billion, marking a significant turning point for the token. Will this rally push $BNB to a $800 peak? Let’s find out.
Binance Coin Price Analysis
On the daily chart, $BNB’s price is trending within a triangle pattern. The current recovery marks a positive phase as it bounces off the support trendline, reflecting growing confidence among traders.
Furthermore, it completes a morning star pattern near the 61.80% Fibonacci level at $674. As the recovery rally gains momentum, $BNB surpassed the 50- and 20-day EMA line. Thus, the breach of these moving averages highlights a robust bullish trend.
The daily RSI line has crossed about halfway, reflecting a surge in bullish sentiments. Hence, the technical indicators are giving a buy signal for $BNB coins. This alignment suggests more upside potential in the coming days.
$BNB Coin Price Targets
$BNB has reclaimed the $700 psychological mark with two consecutive positive candles. This milestone underpins its strength in the current market dynamics. Considering that the broader market continues to improve, $BNB will likely continue its uptrend.
The immediate price resistance for $BNB stands at 78.60% Fibonacci level at $708. However, the altcoin must surpass the local resistance trendline for an extended bullish rally. Breaking this resistance could set the stage for explosive growth.
In this scenario, potential price targets for $BNB include $750 and $804. On the downside, crucial support is at $674.95, and a drop below this level could dampen the bullish outlook.