Will Binance Coin (BNB) Bulls Overcome Exhaustion for a Breakout Rally to Create a New ATH Above $900?
- PHPzOriginal
- 2024-08-01 21:45:18810browse
Putting a sudden halt in the recovery rally, Binance Coin (BNB) holds a strong stand within a consolidation range as the broader market pulls back.
Binance Coin (BNB) price is trading in a consolidation range after putting a sudden halt in the recovery rally. The broader market pulls back as the bulls might be getting exhausted from the rally. However, BNB still holds a strong stand in the market. Will the BNB bulls overcome exhaustion for a breakout rally to create a new ATH above $900?
With a market cap of $83.19B, BNB is trading at a 21% discount from its ATH of $720. The BNB token price registers a YTD growth of 83% but consolidates over the last few weeks.
As the bullish exhaustion in Binance Coin (BNB) warns of a breakdown rally, will the BNB token manage a bounce back? Let’s take a closer look at the BNB price analysis to find the consolidation breakout chances.
Is This Range Formation Bullish for BNB?
On the 4H chart, Binance Coin is moving in a lateral fashion between two critical levels of $550 and $600. Forming multiple crests and troughs, the trend momentum is trapped in the range.
However, the prevailing bullish trend in early June completes a theoretical flag pattern. Hence, the overall nature of the consolidation range is bullish for Binance Coin and might result in a positive outcome.
In the last 4 hours, the BNB price has been up by 0.40%, which forms a morning star pattern. Thus, the price action reflects a potential upcycle starting shortly.
The 4H RSI line reveals a bullish divergence in the recent dip compared to the first retest of the $550 support level last week. Meanwhile, the crucial EMAs (50 and 200) maintain a sideways movement similar to the price trend but in a positive alignment.
Weekly analysis for a New ATH in Binance
In the weekly timeframe, the recent V-shaped revival in the Binance Coin uptrend from the 50W EMA bolsters the bull run. With the constant struggle to surpass the $650 barrier, BNB has taken a few steps back over the last two weeks.
As per the Fibonacci retracement levels, the breakout rally of the all-time high level will pump Binance Coin to $911, a 62% rise. In the 4H chart, the trend-based Fibonacci levels present a target of $745 or the 1.618 Fib level.
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