Will the new all-time high in Binance Coin (BNB) price lead to a crossover above the $800 milestone?
Amid growing bullish sentiment in the crypto market, Binance Coin has reached a new all-time high. Surpassing the $750 mark, BNB now boasts a market cap of $109 billion.
With a 24-hour trading volume of $5.5 billion, the altcoin has surged by 16.65% over the past 24 hours. This drives the 30-day returns to 35.33%, increasing the likelihood of a continued bullish trend. Will this recovery rally push the price past the $800 barrier? Let’s find out.
Binance Coin BNB Price Analysis
In the daily chart, the BNB price action showcases a massive bullish engulfing candle formed last night. This accounts for a 13.50% surge from the opening price of $648 to the closing at $735.50.
With the continuation of bullish momentum, the uptrend is marked by the formation of a second green candle, reflecting a 2.72% increase. Starting at $735.60, the price is currently trading at $755.00.
Breaking above the previous peak of $724.70, the bullish trend in BNB is approaching the 1.272 Fibonacci level, which is priced at $812.10—slightly above the $800 psychological level. As a result, a supply zone is expected to form between $800 and $812.
Meanwhile, the higher price rejection at the 24-hour high of $775.40 signals a potential retest. This retest could happen at the $724.70 peak before the bullish trend continues.
The 50, 100, and 200 EMA lines are positively aligned, supporting the uptrend. Additionally, the MACD and signal lines have seen a sharp increase in the bullish gap, with positive histograms. Both the dynamic average lines and the MACD indicator suggest that Binance Coin’s price may continue its upward trajectory.
Will Binance Coin Price Cross $800?
Supporting the bullish trend, the open interest of BNB coin has risen to $1.46 billion, a surge of 35.20% over the past 24 hours. Furthermore, the long-to-short ratio is at 1.006, reflecting a bullish sentiment among the traders.
Therefore, in the ongoing bull market, BNB’s price trend is likely to gain momentum and breach the $800 mark.
Based on Fibonacci levels, an uptrend beyond $812 will aim for the 1.618 level at $923.30. On the downside, support below $724.70 is found at the 78.60% Fibonacci level of $655.90.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
