Binance Coin Surges 25% in Seven Days, Challenging Key Resistance with the Potential to Reach $710 and Beyond
- WBOYOriginal
- 2024-08-24 00:17:10917browse
With the crypto market sustaining above the $2 trillion valuation, Bitcoin baffles investors near $60K. As the firstborn crypto fluctuates above $60K
Binance Coin (BNB) price showed a breakout rally last week, ready to surpass the $600 mark. The BNB price is up 8.81% this week. In the broader picture, the weekly chart reveals a double bottom formation with a long tail near the 50% Fibonacci level at $434.2.
As the bullish resurgence propels the BNB coin price higher, the chances of the $662 breakout or the 100% Fibonacci level increase. Moreover, the positive alignment of the crucial weekly exponential moving averages (20, 50, 100, 200) and a positive crossover in VI lines tease a potential crossover.
Binance Coin Price Shows a Double Bottom in Detail
In the daily chart, the BNB coin price showcases a double bottom pattern with a slight modification. The neckline of the double bottom pattern is near the 50% Fibonacci level, which is $587.
The Binance Coin price is currently trading at $578 with an intraday pullback of $0.81. Moreover, the bullish recovery from the $464 support level is challenging the overhead neckline with a 25% jump in the last 17 days.
As the bullish momentum rises, the general market sentiment expects a favorable breakout. However, a potential retest of the 50% Fibonacci level is possible before asserting dominance over the $600 psychological mark.
Binance Coin Price Analysis: Will BNB Coin Hit $700?
The daily RSI line is close to approaching the overbought zone, but a minor dip reveals a gradual surge in bullish momentum to avoid any significant crash.
Furthermore, the VI line sustains a positive alignment with the ADX line and is ready to bounce back. Hence, the momentum indicator supports the bullish trend in motion.
Based on the Fibonacci levels, the upside target for the Binance Coin price is $710, $777, and $863, which are the 100%, 1.272, and 1.618 Fibonacci levels, respectively.
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