Binance (BNB) Coin Price Analysis: Preparing for a Triangle Breakout That Could Lead to a New All-Time High

As the bull market regains momentum over the weekend, Binance (BNB) is preparing for a triangle breakout that could lead to a potential new all-time high.

Binance (BNB) price is preparing for a triangle breakout that could lead to a potential new all-time high.

With Bitcoin’s recent rally to a new all-time high of $106,533, the crypto market is seeing a significant surge in buying pressure. Amid this recovery, BNB is gearing up for a potential breakout rally.

Will this breakout rally in Binance (BNB) price result in a new all-time high above $800? Let’s find out.

BNB Coin Price Analysis

BNB coin price action currently showcases a symmetrical triangle pattern. This pattern suggests market indecision but also signals the possibility of an upcoming breakout. The positive cycle within the triangle has tested the resistance trendline.

BNB coin price struggles to overcome overhead supply, maintaining a declining trend near the resistance level. Amid the formation of a morning star pattern, BNB continues to hold above the psychological $700 mark.

Currently, the BNB coin price is trading at $712, up 0.28% over the past four hours. The bullish momentum is challenging the recently formed bearish engulfing candle.

Despite this, the BNB price remains resilient, staying above the center pivot level of $703.8.

Supporting the bullish outlook, the 4-hour RSI line shows a bullish diagonal trend and is preparing for a double-bottom reversal from the halfway line.

Binance (BNB) Coin Price Targets

If a bullish breakout occurs, BNB’s price could soar above the current all-time high of $794.3. According to the pivot levels on the 4-hour chart, the immediate target for a new all-time high is the R3 resistance level at $850, indicating a potential upside of nearly 20% for BNB.

However, if the breakout fails, traders should be prepared for a retest of key support levels. Specifically, a failure to maintain dominance above the $800 mark could trigger a retest of the critical support trendline of the triangle pattern. This bearish scenario has a downside risk of 5.7%, potentially testing the $672.6 level.

DisClamier: This content is informational and shouldn't be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.