Will Binance (BNB) Coin Price Start a Breakout Rally to Surpass $800 and Set a New All-Time High as Bitcoin Crosses $100K?

Altcoins experienced a collective rise on Tuesday, with the total crypto market capitalization (excluding Bitcoin and Ethereum) increasing by 1.11% to reach $1.04 trillion. Among the top altcoins, Binance Coin (BNB) price showed a strong 2.28% surge over the past 24 hours.

Notably, BNB also witnessed a 4.32% increase over the past seven days, solidifying its position as the fifth largest cryptocurrency with a market capitalization of $105.24 billion.

As the short-term recovery seems poised for a breakout rally, bulls are anticipating a significant upside for Binance Coin. Let’s analyze the technical aspects to determine whether this rally can propel the price past the $800 mark.

BNB Coin Price Analysis

Observing the 4-hourの時間枠, BNB’s price action encounters a strong resistance level slightly above the $730 mark. The supply zone on the 4-hour chart is present between $728 and $731.

Currently, Binance Coin’s recovery, which included a 2.90% surge last night, is challenging this resistance level. The crucial zone also coincides with the 61.80% Fibonacci retracement level.

The bullish recovery in BNB also highlights a potential inverted head and shoulders pattern, with the supply zone acting as the neckline. This pattern usually indicates substantial upside potential.

Continuing with the recovery, the critical EMA lines on the 4-hour chart have turned bullish. Moreover, the RSI is approaching the overbought zone, which signals continuing bullish momentum.

Hence, technical indicators are providing a buy signal.

Binance Coin Price Targets

At the moment, BNB is forming a morning star pattern at the 61.80% Fibonacci level as a potential retest. If the post-retest reversal gains momentum, the immediate resistance levels for Binance Coin are at $757 and $795.

If the bulls manage a breakout, the upside potential for Binance Coin extends to $840, which is very close to the Fibonacci price projection of $841 at the 1.272 level.

On the flip side, key support for Binance Coin remains at the 100 EMA line at $705.

DisCLaimer: The content presented in this section is purely informative and does not constitute financial advice. The Crypto Basic and its affiliates bear no responsibility for any direct or indirect loss or damage caused by relying on the presented information to make investment decisions. Readers are advised to conduct thorough independent research before taking any actions related to buying or selling cryptocurrency.