binance coin

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.

On November 1, BNB Chain completed its 29th quarterly token burn, effectively lowering the overall supply of Binance Coin (BNB). This event has sparked bullish sentiment among investors eager to see if the reduced supply can drive BNB’s price higher. Here’s an analysis of the factors at play.

BNB Chain’s Token Burn Fuels Investor Optimism

In a recent update, BNB Chain announced it had burned 1.77 million BNB, valued at over $1 billion. This burn included 1.71 million tokens via the Auto-Burn process and an additional 62,569 BNB specifically for BTokens. The burns are part of BNB’s long-term goal of reducing its total supply to 100 million tokens, which could increase scarcity and boost the coin’s value.

Following this burn, the Balance of Power (BoP) indicator on the daily chart moved higher, showing potential bullish momentum. When BoP readings rise, it suggests that buyers have control, often signaling price growth. Currently, BNB trades around $576, with bulls hoping this trend continues.

Positive Market Sentiment for BNB

On-chain data from Santiment shows a positive Weighted Sentiment for BNB, reflecting optimism among investors. Weighted Sentiment uses social media mentions to assess market perception, where positive readings suggest a favorable outlook. The current sentiment may support demand as more traders anticipate a price rise.

Key Levels: Will BNB Reach $606?

Technically, BNB is showing bullish signs after defending the $573 support level. If this level holds, the next target is $596, with the potential to rally further to $606. An inverse head-and-shoulders pattern on the daily chart adds to the case for a potential reversal to bullish momentum.

However, if bearish pressure increases, BNB could dip below $563, with a further decline toward $543.