Overcoming the recent regulatory affairs and facing the most enormous Legal charges in the history of the U.S., Binance remains the world’s biggest crypto exchange by volume. Further, the recent recovery fueled by the overall market rising higher drive the BNB price higher, resulting in a potential breakout rally.
As the recovery trend gains momentum, the BNB price chart reflects a high possibility of a bullish trend continuation. Moreover, the bounce back aligns with the Binance price prediction of reaching new heights at the end of 2023.
Source- Tradingview
The Binance Coin price has displayed an ongoing parabolic growth in the last few days, following the recent crash. Reverting from $220, the BNB price continues the uptrend and aims to approach and challenge the overhead resistance at $268.
The Binance market value is up by almost 9% in the last five days and teases a rounding bottom pattern. Further, the buyers driving the trend make 5 out of 6 bullish candles, with increased trading volume.
On a side note, the bullish recovery rally in BNB price crosses the 200D EMA and teases a golden crossover in the daily chart.
Coming back to the technical, the overhead neckline aligns with the 38.20% Fibonacci retracement level. Therefore, the breakout rally will signal a solid breakout rally for Binance and support the underlying bullish sentiments.
Technical Indicators:
MACD indicator: The bullish crossover of the MACD and signal line gains momentum with the rising histograms. Therefore, the momentum indicator supports the uptrend possibility in the BNB price.
Bollinger Bands: The ongoing trend challenges the overhead Bollinger band and spikes it higher, projecting an uptrend.
Will BNB Price Lead Breakout Beyond $258?
Currently, the BNB price trades at $249 and teases to win back the psychological mark of $250. However, the buyers will find the main obstruction at the $258 mark which will prove a pivotal trend marker for Binance.
The ongoing recovery trend in the market teases a bullish break surpassing the $258 mark and potentially leading to $300.
On the flip side, a reversal in Binance may retest the 200D EMA at $241.
