As Bitcoin surges past the $100,000 mark, altcoins are riding the bullish wave. Binance Coin (BNB) stands out among the top contenders, showing strong momentum as traders eye the coveted $800 milestone.
Will this rally pave the way for new all-time highs? Let’s dive into the details.
Momentum
Altcoins, excluding Bitcoin and Ethereum, have seen a 1.11% market cap increase, bringing the valuation to $1.04 trillion. BNB surged 2.28% in the last 24 hours and an impressive 4.32% over the past week.
With a market cap of $105.24 billion, BNB secures its spot as the fifth-largest cryptocurrency.
This surge sets the stage for what bulls hope will be a breakout rally, pushing BNB’s price past $800 and potentially hitting $841.
Analysis
On the 4-hour chart, BNB faces a significant resistance zone between $728 and $731, aligned with the 61.80% Fibonacci retracement level.
Last night’s 2.90% rally brought BNB closer to this resistance, and the ongoing bullish recovery signals the formation of an inverted head and shoulders pattern—a classic bullish indicator.
Indicators
- EMA Lines: The 4-hour chart shows critical EMA lines turning bullish, supporting upward momentum.
- RSI: The Relative Strength Index (RSI) is approaching the overbought zone, further strengthening the case for a sustained rally.
Together, these indicators point to a strong buy signal for BNB.
Price Targets
BNB is currently testing the 61.80% Fibonacci retracement level with a morning star candlestick pattern. If this pattern confirms, we could see a strong reversal to the upside.
- Immediate Resistance: $757 and $795 are key resistance levels.
- Breakout Target: A successful breakout could push the price to $840, aligning with the 1.272 Fibonacci extension level at $841.
Key Support
On the downside, BNB’s support remains firm at the 100 EMA line, around $705. A breakdown below this level would signal bearish momentum.
| Level | Price ($) | Significance |
|---|---|---|
| Resistance | 757 – 795 | Near-term targets |
| Resistance | 840 – 841 | Breakout level |
| Support | 705 | Key EMA support |
Binance Coin is positioned for a potential breakout rally, with bulls aiming to surpass $800 and hit the Fibonacci target of $841.
As technical indicators remain bullish and market momentum builds, the possibility of achieving these targets looks promising. Traders, however, should watch for key resistance and support levels to manage risks effectively.
