Can Binance Coin (BNB) Reach $863 After Breaking $800?

Approaching a Crucial Crossroads

As Binance Coin (BNB) nears the $600 psychological mark, it faces a significant resistance that has held for months. This critical level remains the key bearish point on the daily chart, hindering further bullish momentum.

Binance Coin (BNB) Performance Overview

The daily chart shows a rising support trend line, indicating ongoing bullish growth. Currently, BNB is challenging a crucial resistance zone near the $600 mark, which has resulted in a series of higher highs.

Key observations include:

• The resistance zone has limited BNB’s price action since June, leading to multiple bearish reversals.
• Recent support at $464 has contributed to a sideways trend.
• An ascending triangle pattern has formed, suggesting a potential bullish breakout.

BNB recently experienced a bull cycle, marked by three consecutive bullish candles and a 5.78% increase. However, an intraday pullback of 0.67% raises concerns about a possible bullish failure as it approaches the apex of the pattern.

Technical Indicators Support Breakout Potential

With the overall crypto market trending positively, BNB is poised to surpass the $600 mark, leveraging support from the rising trend line. Key technical indicators include:

• The 50-day and 200-day Moving Averages (MAs) are aligned positively, providing dynamic support.
• The MACD and signal lines have produced a bullish crossover, supported by an increase in positive histograms.

These indicators suggest a growing underlying bullish sentiment, enhancing the likelihood of a breakout.

Will Binance Coin Cross $600?

According to Fibonacci analysis, BNB has surpassed the 50% Fibonacci level at $587, but the crucial $600 mark remains significant. A breakout from the ascending triangle could target the 78.60% or 100% Fibonacci levels, potentially reaching $658 or $711 by month-end.

In the long term, the 1.618 Fibonacci level at $863 presents a viable target if the bullish trend continues. Conversely, critical support lies below the 50-day EMA at the 23.60% Fibonacci level, around $522, just below the 200-day EMA at $535.

Conclusion

As Binance Coin approaches the $600 resistance level, technical indicators suggest a bullish potential breakout. Investors should monitor price action closely, as a successful breach could lead to significant upward momentum in the coming weeks.