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.
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.
