Binance Coin (BNB) is gaining attention as altcoins follow a bullish trend. With Bitcoin surpassing $100,000, BNB surged 2.28% in the last 24 hours and 4.32% over the past week. Currently, BNB holds the fifth spot among cryptocurrencies, boasting a market cap of $105.24 billion.
Investors are optimistic about a potential breakout rally that could push BNB’s price past $800, setting a new all-time high.
BNB Price Analysis
On the 4-hour chart, Binance Coin faces resistance at the $730-$731 range, which aligns with the 61.80% Fibonacci retracement level. Last night, BNB rose 2.90%, challenging this critical supply zone.
The price recovery has formed an inverted head-and-shoulders pattern, often signaling significant upside potential. Key technical indicators, including bullish EMA lines and an RSI nearing the overbought zone, suggest sustained momentum.
Price Targets for Binance Coin
BNB’s current price action suggests a potential morning star pattern at the Fibonacci level, signaling a bullish reversal. If this continues, Binance Coin’s immediate resistance levels are $757 and $795.
A breakout above $795 could push the price toward $840, aligning closely with the 1.272 Fibonacci projection level of $841.
However, on the downside, the 100 EMA line at $705 serves as key support.
