Binance Coin (BNB) Price Performance
On the daily chart, Binance Coin has shown a bullish recovery from the 100-day Simple Moving Average (SMA), gaining strong upward momentum. After overcoming the $600 psychological barrier, BNB’s price is now encountering resistance at the 78.60% Fibonacci retracement level, which is set at $658. Despite this, the coin has gained 1.70% intraday, building on the previous 5.18% jump.
The next key level to watch is $711, which could be the target if BNB successfully breaks through the $658 resistance. Here’s an overview of the recent price action:
- Current BNB price: $650
- 24-hour price change: +4.44%
- Resistance level at $658 (78.60% Fibonacci retracement)
- Next potential target: $711 (on breakout)
Technical Indicators Support Breakout
Looking at technical indicators, BNB’s price is showing strong signs of a continued bullish trend. The MACD (Moving Average Convergence Divergence) indicator is signaling a positive trend with bullish histograms, indicating increasing upward momentum.
Additionally, the daily chart reveals a golden crossover between the short-term and long-term Simple Moving Averages (SMA), a classic sign of an impending bullish trend. The 100-day SMA has also started to trend upwards, increasing the likelihood of a positive crossover with the 200-day SMA, which would further validate the potential for continued price appreciation.
Will BNB Price Cross $700?
Looking beyond the immediate resistance levels, the Fibonacci retracement levels offer further price targets. The 1.272 and 1.618 extensions point to potential price levels of $778 and $863, respectively. These levels provide a roadmap for the next major price milestones if the breakout rally continues.
On the other hand, an intense pullback could occur, bringing the price back to the $600 psychological mark. This would present an opportunity for traders to capitalize on a post-retest reversal, where a rebound from this level could trigger further upward momentum.
BNB Price Prediction Summary
- Immediate resistance at $658 (78.60% Fibonacci level)
- Potential breakout target at $711
- Long-term targets at $778 (1.272 Fibonacci) and $863 (1.618 Fibonacci)
- Possible pullback to $600 before a rebound
As BNB continues to make bullish moves, the $700 mark remains a significant target. Whether the price can sustain its momentum and push past this resistance level will depend on the broader market conditions and the continued strength of technical indicators. Stay tuned for further updates as BNB aims to hit new highs in 2024.
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