The post BNB Price Analysis: Will Buyers Break $658 to Target $863? appeared first on Coinpedia Fintech News
As the 5th biggest cryptocurrency in the market, BNB price is currently trading at $650, with a market cap of $93.69 billion. As it enters closer to the $100 billion market cap, the Binance coin has increased by 4.44% in 24 hours.
With a new breakout rally in action, will the BNB price reach a new all-time high in 2024? Let’s find out in our latest Binance Coin price prediction.
Binance Coin (BNB) Price Performance
In the daily chart, the BNB price action shows a bullish recovery rally from the 100-day SMA, gaining momentum. The decendent recovery run has surpassed the $600 psychological barrier, and faces opposition from the 78.60% level at $658.
Currently, it is facing an intraday bull pack of 1.70%, following the 5.18% jump last night. Facing a short-term resistance from the 78.60% level, the uptrend rally could increase to $711 upon breakout.
Technical Indicators Support Breakout
The MACD indicator shows a positive trend with a surge of bullish histograms. Furthermore, the simple moving average lines in the daily chart reveal a golden crossover.
Amid the recent recovery run, the 100-day SMA witnesses an uptick, increasing the chances of a positive crossover with the 200-day SMA.
Will BNB Price Cross $700?
Beyond this, the Fibonacci-level spending price targets at 1.272 and 1.618 levels at $778 and $863, respectively. On the flip side, an intense pullback could retest the $600 psychological mark. This will provide a post-retest reversal and opportunity for price action traders.
To understand the possibility of the BNB token reaching the $1,000 mark, read Binance (BNB) Price Prediction!
FAQs
Binance Coin is trading at $633 with a 5.95% intraday gain.
Next targets are $650, $798, and $924, with a long-term potential of hitting $1,000.
A crucial support lies at $600, which could act as a post-retest entry point.